Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,855/mo
Lowest payment- Down payment
- $216,328
- Funds due
- $228,365
- Interest + MI left
- $71,992
- First ends
- Nov 2045
Assumption
Assumption + second
$3,183/mo
+$1,328/mo- Down payment
- $35,328
- Funds due
- $48,814
- Interest + MI left
- $369,113
- First ends
- Nov 2045
New loan
New conventional
$3,091/mo
+$1,237/mo- Down payment
- $35,328
- Funds due
- $45,450
- Interest + MI left
- $459,956
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $133,572 | $133,572 | $314,572 |
| Second mortgage | — | $181,000 | — |
| First P&I | $832.15 | $832.15 | $2,131.02 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | $125.12 | $125.12 | $62.91 |
| Taxes, insurance & HOA | $897.42 | $897.42 | $897.42 |
| Total housing payment | $1,854.69 | $3,182.80 | $3,091.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,328
Closing costs & prepaids$13,486
Usable credit−$0
Total buyer cash needed$48,814
Earnest money paid−$0
Remaining funds due$48,814
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$892.25
Initial HOA (3 months)$1,350.00
Prepaid interest, first (5 days)$71.18
Prepaid interest, second (5 days)$198.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 11 moOf the original 30-year loan at 3.89%
Interest already paid$67,607Through Dec 2026
Assumption only · ends Nov 2045$71,992
Assumption + second · ends Nov 2045, second Jan 2057$369,113
New conventional · ends Jan 2057$459,956