Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,987/mo
Lowest payment- Down payment
- $277,036
- Funds due
- $289,377
- Interest + MI left
- $84,452
- First ends
- Jun 2043
Assumption
Assumption + second
$3,642/mo
+$1,655/mo- Down payment
- $46,036
- Funds due
- $59,872
- Interest + MI left
- $449,220
- First ends
- Jun 2043
New loan
New conventional
$3,444/mo
+$1,457/mo- Down payment
- $46,036
- Funds due
- $56,429
- Interest + MI left
- $605,138
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,864 | $182,864 | $413,864 |
| Second mortgage | — | $231,000 | — |
| First P&I | $1,239.95 | $1,239.95 | $2,803.66 |
| Second P&I | — | $1,654.91 | — |
| Mortgage insurance | $189.65 | $189.65 | $82.77 |
| Taxes, insurance & HOA | $557.58 | $557.58 | $557.58 |
| Total housing payment | $1,987.19 | $3,642.10 | $3,444.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,036
Closing costs & prepaids$13,836
Usable credit−$0
Total buyer cash needed$59,872
Earnest money paid−$0
Remaining funds due$59,872
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,599.00
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)$1,172.75
Prepaid interest, first (5 days)$93.94
Prepaid interest, second (5 days)$245.24
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 6 moOf the original 30-year loan at 3.75%
Interest already paid$115,994Through Dec 2026
Assumption only · ends Jun 2043$84,452
Assumption + second · ends Jun 2043, second Jan 2057$449,220
New conventional · ends Jan 2057$605,138