Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,828/mo
Lowest payment- Down payment
- $251,458
- Funds due
- $263,233
- Interest + MI left
- $91,697
- First ends
- Jul 2045
Assumption
Assumption + second
$3,311/mo
+$1,483/mo- Down payment
- $44,458
- Funds due
- $57,703
- Interest + MI left
- $418,568
- First ends
- Jul 2045
New loan
New conventional
$3,244/mo
+$1,416/mo- Down payment
- $44,458
- Funds due
- $54,282
- Interest + MI left
- $570,959
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $183,542 | $183,542 | $390,542 |
| Second mortgage | — | $207,000 | — |
| First P&I | $1,131.90 | $1,131.90 | $2,645.67 |
| Second P&I | — | $1,482.97 | — |
| Mortgage insurance | $175.91 | $175.91 | $78.11 |
| Taxes, insurance & HOA | $519.75 | $519.75 | $519.75 |
| Total housing payment | $1,827.57 | $3,310.54 | $3,243.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,458
Closing costs & prepaids$13,245
Usable credit−$0
Total buyer cash needed$57,703
Earnest money paid−$0
Remaining funds due$57,703
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$1,109.25
Prepaid interest, first (5 days)$91.02
Prepaid interest, second (5 days)$219.76
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 7 moOf the original 30-year loan at 3.62%
Interest already paid$90,263Through Dec 2026
Assumption only · ends Jul 2045$91,697
Assumption + second · ends Jul 2045, second Jan 2057$418,568
New conventional · ends Jan 2057$570,959