Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$946/mo
Lowest payment- Down payment
- $281,682
- Funds due
- $292,018
- Interest + MI left
- $48,637
- First ends
- Mar 2045
Assumption
Assumption + second
$2,694/mo
+$1,748/mo- Down payment
- $37,682
- Funds due
- $49,371
- Interest + MI left
- $433,933
- First ends
- Mar 2045
New loan
New conventional
$2,666/mo
+$1,721/mo- Down payment
- $37,682
- Funds due
- $45,957
- Interest + MI left
- $511,565
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $93,318 | $93,318 | $337,318 |
| Second mortgage | — | $244,000 | — |
| First P&I | $592.95 | $592.95 | $2,335.52 |
| Second P&I | — | $1,748.05 | — |
| Mortgage insurance | $89.37 | $89.37 | $67.46 |
| Taxes, insurance & HOA | $263.50 | $263.50 | $263.50 |
| Total housing payment | $945.82 | $2,693.86 | $2,666.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,682
Closing costs & prepaids$11,689
Usable credit−$0
Total buyer cash needed$49,371
Earnest money paid−$0
Remaining funds due$49,371
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$241.50
Initial HOA (3 months)$99.00
Prepaid interest, first (2 days)$19.79
Prepaid interest, second (2 days)$103.62
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing18 yr 4 moOf the original 30-year loan at 3.870%
Interest already paid$50,158Through Nov 2026
Assumption only · ends Mar 2045$48,637
Assumption + second · ends Mar 2045, second Dec 2056$433,933
New conventional · ends Dec 2056$511,565