Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,034/mo
Lowest payment- Down payment
- $283,987
- Funds due
- $295,968
- Interest + MI left
- $82,433
- First ends
- Jun 2041
Assumption
Assumption + second
$3,739/mo
+$1,705/mo- Down payment
- $45,987
- Funds due
- $59,470
- Interest + MI left
- $458,255
- First ends
- Jun 2041
New loan
New conventional
$3,350/mo
+$1,316/mo- Down payment
- $45,987
- Funds due
- $55,997
- Interest + MI left
- $590,653
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,013 | $166,013 | $404,013 |
| Second mortgage | — | $238,000 | — |
| First P&I | $1,321.90 | $1,321.90 | $2,736.92 |
| Second P&I | — | $1,705.06 | — |
| Mortgage insurance | $179.50 | $179.50 | $80.80 |
| Taxes, insurance & HOA | $532.50 | $532.50 | $532.50 |
| Total housing payment | $2,033.90 | $3,738.96 | $3,350.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,987
Closing costs & prepaids$13,483
Usable credit−$0
Total buyer cash needed$59,470
Earnest money paid−$0
Remaining funds due$59,470
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$1,147.50
Prepaid interest, first (5 days)$108.02
Prepaid interest, second (5 days)$252.67
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 closing14 yr 6 moOf the original 30-year loan at 4.75%
Interest already paid$158,478Through Dec 2026
Assumption only · ends Jun 2041$82,433
Assumption + second · ends Jun 2041, second Jan 2057$458,255
New conventional · ends Jan 2057$590,653