Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,671/mo
Lowest payment- Down payment
- $245,745
- Funds due
- $257,046
- Interest + MI left
- $62,398
- First ends
- Feb 2043
Assumption
Assumption + second
$3,140/mo
+$1,469/mo- Down payment
- $40,745
- Funds due
- $53,513
- Interest + MI left
- $386,110
- First ends
- Feb 2043
New loan
New conventional
$2,988/mo
+$1,316/mo- Down payment
- $40,745
- Funds due
- $50,122
- Interest + MI left
- $523,756
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $153,255 | $153,255 | $358,255 |
| Second mortgage | — | $205,000 | — |
| First P&I | $1,016.64 | $1,016.64 | $2,426.94 |
| Second P&I | — | $1,468.65 | — |
| Mortgage insurance | $165.47 | $165.47 | $71.65 |
| Taxes, insurance & HOA | $489.17 | $489.17 | $489.17 |
| Total housing payment | $1,671.28 | $3,139.92 | $2,987.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,745
Closing costs & prepaids$12,768
Usable credit−$0
Total buyer cash needed$53,513
Earnest money paid−$0
Remaining funds due$53,513
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$1,017.50
Prepaid interest, first (5 days)$68.23
Prepaid interest, second (5 days)$217.64
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 closing16 yr 2 moOf the original 30-year loan at 3.25%
Interest already paid$88,417Through Dec 2026
Assumption only · ends Feb 2043$62,398
Assumption + second · ends Feb 2043, second Jan 2057$386,110
New conventional · ends Jan 2057$523,756