Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,613/mo
Lowest payment- Down payment
- $275,144
- Funds due
- $286,838
- Interest + MI left
- $74,940
- First ends
- Jun 2045
Assumption
Assumption + second
$3,275/mo
+$1,662/mo- Down payment
- $43,144
- Funds due
- $56,334
- Interest + MI left
- $441,287
- First ends
- Jun 2045
New loan
New conventional
$3,213/mo
+$1,600/mo- Down payment
- $43,144
- Funds due
- $52,913
- Interest + MI left
- $565,501
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $154,756 | $154,756 | $386,756 |
| Second mortgage | — | $232,000 | — |
| First P&I | $947.96 | $947.96 | $2,620.02 |
| Second P&I | — | $1,662.08 | — |
| Mortgage insurance | $149.53 | $149.53 | $77.35 |
| Taxes, insurance & HOA | $515.42 | $515.42 | $515.42 |
| Total housing payment | $1,612.91 | $3,274.98 | $3,212.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,144
Closing costs & prepaids$13,191
Usable credit−$0
Total buyer cash needed$56,334
Earnest money paid−$0
Remaining funds due$56,334
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.00
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)$1,096.25
Prepaid interest, first (5 days)$74.20
Prepaid interest, second (5 days)$246.30
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 6 moOf the original 30-year loan at 3.5%
Interest already paid$74,469Through Dec 2026
Assumption only · ends Jun 2045$74,940
Assumption + second · ends Jun 2045, second Jan 2057$441,287
New conventional · ends Jan 2057$565,501