Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,083/mo
Lowest payment- Down payment
- $261,837
- Funds due
- $272,147
- Interest + MI left
- $59,942
- First ends
- Jul 2045
Assumption
Assumption + second
$2,681/mo
+$1,598/mo- Down payment
- $38,837
- Funds due
- $50,444
- Interest + MI left
- $412,078
- First ends
- Jul 2045
New loan
New conventional
$2,671/mo
+$1,588/mo- Down payment
- $38,837
- Funds due
- $47,016
- Interest + MI left
- $517,328
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,163 | $118,163 | $341,163 |
| Second mortgage | — | $223,000 | — |
| First P&I | $729.45 | $729.45 | $2,362.14 |
| Second P&I | — | $1,597.60 | — |
| Mortgage insurance | $112.67 | $112.67 | $68.23 |
| Taxes, insurance & HOA | $241.00 | $241.00 | $241.00 |
| Total housing payment | $1,083.12 | $2,680.72 | $2,671.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,837
Closing costs & prepaids$11,607
Usable credit−$0
Total buyer cash needed$50,444
Earnest money paid−$0
Remaining funds due$50,444
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$273.00
Prepaid interest, first (1 days)$11.88
Prepaid interest, second (1 days)$47.35
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 8 moOf the original 30-year loan at 3.670%
Interest already paid$58,304Through Nov 2026
Assumption only · ends Jul 2045$59,942
Assumption + second · ends Jul 2045, second Dec 2056$412,078
New conventional · ends Dec 2056$517,328