Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,266/mo
Lowest payment- Down payment
- $219,460
- Funds due
- $230,006
- Interest + MI left
- $56,153
- First ends
- Nov 2045
Assumption
Assumption + second
$2,624/mo
+$1,357/mo- Down payment
- $34,460
- Funds due
- $46,458
- Interest + MI left
- $359,841
- First ends
- Nov 2045
New loan
New conventional
$2,570/mo
+$1,304/mo- Down payment
- $34,460
- Funds due
- $43,108
- Interest + MI left
- $446,750
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $120,540 | $120,540 | $305,540 |
| Second mortgage | — | $185,000 | — |
| First P&I | $711.56 | $711.56 | $2,069.83 |
| Second P&I | — | $1,357.46 | — |
| Mortgage insurance | $115.81 | $115.81 | $61.11 |
| Taxes, insurance & HOA | $439.00 | $439.00 | $439.00 |
| Total housing payment | $1,266.37 | $2,623.84 | $2,569.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,460
Closing costs & prepaids$11,998
Usable credit−$0
Total buyer cash needed$46,458
Earnest money paid−$0
Remaining funds due$46,458
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$867.00
Prepaid interest, first (5 days)$53.67
Prepaid interest, second (5 days)$202.74
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 3.25%
Interest already paid$51,678Through Dec 2026
Assumption only · ends Nov 2045$56,153
Assumption + second · ends Nov 2045, second Jan 2057$359,841
New conventional · ends Jan 2057$446,750