Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,441/mo
Lowest payment- Down payment
- $337,748
- Funds due
- $351,698
- Interest + MI left
- $134,413
- First ends
- Nov 2045
Assumption
Assumption + second
$4,439/mo
+$1,999/mo- Down payment
- $58,748
- Funds due
- $74,244
- Interest + MI left
- $574,977
- First ends
- Nov 2045
New loan
New conventional
$4,334/mo
+$1,894/mo- Down payment
- $58,748
- Funds due
- $70,695
- Interest + MI left
- $769,467
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,252 | $247,252 | $526,252 |
| Second mortgage | — | $279,000 | — |
| First P&I | $1,545.50 | $1,545.50 | $3,565.01 |
| Second P&I | — | $1,998.79 | — |
| Mortgage insurance | $231.25 | $231.25 | $105.25 |
| Taxes, insurance & HOA | $663.92 | $663.92 | $663.92 |
| Total housing payment | $2,440.68 | $4,439.47 | $4,334.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,748
Closing costs & prepaids$15,496
Usable credit−$0
Total buyer cash needed$74,244
Earnest money paid−$0
Remaining funds due$74,244
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,850.00
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)$1,491.75
Prepaid interest, first (5 days)$133.11
Prepaid interest, second (5 days)$296.20
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 11 moOf the original 30-year loan at 3.93%
Interest already paid$126,327Through Dec 2026
Assumption only · ends Nov 2045$134,413
Assumption + second · ends Nov 2045, second Jan 2057$574,977
New conventional · ends Jan 2057$769,467