Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,795/mo
Lowest payment- Down payment
- $273,973
- Funds due
- $285,923
- Interest + MI left
- $88,529
- First ends
- May 2045
Assumption
Assumption + second
$3,436/mo
+$1,641/mo- Down payment
- $44,973
- Funds due
- $58,416
- Interest + MI left
- $450,139
- First ends
- May 2045
New loan
New conventional
$3,350/mo
+$1,555/mo- Down payment
- $44,973
- Funds due
- $54,982
- Interest + MI left
- $590,899
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,126 | $175,126 | $404,126 |
| Second mortgage | — | $229,000 | — |
| First P&I | $1,094.91 | $1,094.91 | $2,737.69 |
| Second P&I | — | $1,640.58 | — |
| Mortgage insurance | $168.29 | $168.29 | $80.83 |
| Taxes, insurance & HOA | $531.75 | $531.75 | $531.75 |
| Total housing payment | $1,794.95 | $3,435.54 | $3,350.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,973
Closing costs & prepaids$13,443
Usable credit−$0
Total buyer cash needed$58,416
Earnest money paid−$0
Remaining funds due$58,416
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.99
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)$1,145.25
Prepaid interest, first (5 days)$89.00
Prepaid interest, second (5 days)$243.12
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 5 moOf the original 30-year loan at 3.71%
Interest already paid$89,733Through Dec 2026
Assumption only · ends May 2045$88,529
Assumption + second · ends May 2045, second Jan 2057$450,139
New conventional · ends Jan 2057$590,899