Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$957/mo
Lowest payment- Down payment
- $286,788
- Funds due
- $297,137
- Interest + MI left
- $52,358
- First ends
- Jul 2045
Assumption
Assumption + second
$2,727/mo
+$1,770/mo- Down payment
- $39,788
- Funds due
- $51,440
- Interest + MI left
- $442,391
- First ends
- Jul 2045
New loan
New conventional
$2,716/mo
+$1,759/mo- Down payment
- $39,788
- Funds due
- $48,001
- Interest + MI left
- $531,050
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $103,212 | $103,212 | $350,212 |
| Second mortgage | — | $247,000 | — |
| First P&I | $637.16 | $637.16 | $2,424.80 |
| Second P&I | — | $1,769.54 | — |
| Mortgage insurance | $98.42 | $98.42 | $70.04 |
| Taxes, insurance & HOA | $221.50 | $221.50 | $221.50 |
| Total housing payment | $957.07 | $2,726.61 | $2,716.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,788
Closing costs & prepaids$11,652
Usable credit−$0
Total buyer cash needed$51,440
Earnest money paid−$0
Remaining funds due$51,440
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$214.50
Prepaid interest, first (1 days)$10.38
Prepaid interest, second (1 days)$52.45
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$50,927Through Nov 2026
Assumption only · ends Jul 2045$52,358
Assumption + second · ends Jul 2045, second Dec 2056$442,391
New conventional · ends Dec 2056$531,050