Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,018/mo
Lowest payment- Down payment
- $319,569
- Funds due
- $332,644
- Interest + MI left
- $94,185
- First ends
- Jun 2045
Assumption
Assumption + second
$3,931/mo
+$1,913/mo- Down payment
- $52,569
- Funds due
- $67,121
- Interest + MI left
- $515,801
- First ends
- Jun 2045
New loan
New conventional
$3,847/mo
+$1,829/mo- Down payment
- $52,569
- Funds due
- $63,609
- Interest + MI left
- $675,411
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,431 | $200,431 | $467,431 |
| Second mortgage | — | $267,000 | — |
| First P&I | $1,214.56 | $1,214.56 | $3,144.44 |
| Second P&I | — | $1,912.82 | — |
| Mortgage insurance | $194.72 | $194.72 | $93.49 |
| Taxes, insurance & HOA | $608.67 | $608.67 | $608.67 |
| Total housing payment | $2,017.95 | $3,930.77 | $3,846.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,569
Closing costs & prepaids$14,552
Usable credit−$0
Total buyer cash needed$67,121
Earnest money paid−$0
Remaining funds due$67,121
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,200.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,326.00
Prepaid interest, first (4 days)$74.02
Prepaid interest, second (4 days)$226.77
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 6 moOf the original 30-year loan at 3.37%
Interest already paid$93,140Through Dec 2026
Assumption only · ends Jun 2045$94,185
Assumption + second · ends Jun 2045, second Jan 2057$515,801
New conventional · ends Jan 2057$675,411