Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$875/mo
Lowest payment- Down payment
- $240,048
- Funds due
- $250,576
- Interest + MI left
- $12,960
- First ends
- Sep 2045
Assumption
Assumption + second
$2,401/mo
+$1,526/mo- Down payment
- $27,048
- Funds due
- $39,007
- Interest + MI left
- $349,305
- First ends
- Sep 2045
New loan
New conventional
$2,344/mo
+$1,469/mo- Down payment
- $27,048
- Funds due
- $35,680
- Interest + MI left
- $343,142
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $24,511 | $24,511 | $237,511 |
| Second mortgage | — | $213,000 | — |
| First P&I | $152.99 | $152.99 | $1,597.75 |
| Second P&I | — | $1,525.96 | — |
| Mortgage insurance | $23.14 | $23.14 | $47.50 |
| Taxes, insurance & HOA | $698.92 | $698.92 | $698.92 |
| Total housing payment | $875.05 | $2,401.01 | $2,344.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,048
Closing costs & prepaids$11,959
Usable credit−$0
Total buyer cash needed$39,007
Earnest money paid−$0
Remaining funds due$39,007
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,645.59
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)$674.75
Initial HOA (3 months)$972.00
Prepaid interest, first (4 days)$10.31
Prepaid interest, second (4 days)$180.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 9 moOf the original 30-year loan at 3.84%
Interest already paid$12,491Through Dec 2026
Assumption only · ends Sep 2045$12,960
Assumption + second · ends Sep 2045, second Jan 2057$349,305
New conventional · ends Jan 2057$343,142