Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$967/mo
Lowest payment- Down payment
- $266,251
- Funds due
- $276,401
- Interest + MI left
- $54,158
- First ends
- Jul 2045
Assumption
Assumption + second
$2,608/mo
+$1,641/mo- Down payment
- $37,251
- Funds due
- $48,700
- Interest + MI left
- $415,768
- First ends
- Jul 2045
New loan
New conventional
$2,592/mo
+$1,625/mo- Down payment
- $37,251
- Funds due
- $45,285
- Interest + MI left
- $504,636
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $103,749 | $103,749 | $332,749 |
| Second mortgage | — | $229,000 | — |
| First P&I | $647.40 | $647.40 | $2,303.89 |
| Second P&I | — | $1,640.58 | — |
| Mortgage insurance | $98.42 | $98.42 | $66.55 |
| Taxes, insurance & HOA | $221.50 | $221.50 | $221.50 |
| Total housing payment | $967.31 | $2,607.90 | $2,591.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,251
Closing costs & prepaids$11,449
Usable credit−$0
Total buyer cash needed$48,700
Earnest money paid−$0
Remaining funds due$48,700
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$10.80
Prepaid interest, second (1 days)$48.62
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 3.800%
Interest already paid$52,856Through Nov 2026
Assumption only · ends Jul 2045$54,158
Assumption + second · ends Jul 2045, second Dec 2056$415,768
New conventional · ends Dec 2056$504,636