Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,830/mo
Lowest payment- Down payment
- $221,229
- Funds due
- $232,797
- Interest + MI left
- $74,833
- First ends
- Mar 2045
Assumption
Assumption + second
$3,144/mo
+$1,313/mo- Down payment
- $42,229
- Funds due
- $55,243
- Interest + MI left
- $368,671
- First ends
- Mar 2045
New loan
New conventional
$3,141/mo
+$1,311/mo- Down payment
- $42,229
- Funds due
- $51,873
- Interest + MI left
- $552,217
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $198,671 | $198,671 | $377,671 |
| Second mortgage | — | $179,000 | — |
| First P&I | $1,150.93 | $1,150.93 | $2,558.47 |
| Second P&I | — | $1,313.44 | — |
| Mortgage insurance | $172.47 | $172.47 | $75.53 |
| Taxes, insurance & HOA | $506.92 | $506.92 | $506.92 |
| Total housing payment | $1,830.32 | $3,143.76 | $3,140.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,229
Closing costs & prepaids$13,015
Usable credit−$0
Total buyer cash needed$55,243
Earnest money paid−$0
Remaining funds due$55,243
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,199.00
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)$1,070.75
Prepaid interest, first (5 days)$73.75
Prepaid interest, second (5 days)$196.16
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 3 moOf the original 24-year loan at 2.71%
Interest already paid$34,591Through Dec 2026
Assumption only · ends Mar 2045$74,833
Assumption + second · ends Mar 2045, second Jan 2057$368,671
New conventional · ends Jan 2057$552,217