Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,154/mo
Lowest payment- Down payment
- $237,671
- Funds due
- $247,837
- Interest + MI left
- $64,613
- First ends
- Jun 2045
Assumption
Assumption + second
$2,594/mo
+$1,440/mo- Down payment
- $36,671
- Funds due
- $48,129
- Interest + MI left
- $382,009
- First ends
- Jun 2045
New loan
New conventional
$2,582/mo
+$1,427/mo- Down payment
- $36,671
- Funds due
- $44,724
- Interest + MI left
- $497,933
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $127,329 | $127,329 | $328,329 |
| Second mortgage | — | $201,000 | — |
| First P&I | $789.79 | $789.79 | $2,273.28 |
| Second P&I | — | $1,439.99 | — |
| Mortgage insurance | $121.69 | $121.69 | $65.67 |
| Taxes, insurance & HOA | $242.58 | $242.58 | $242.58 |
| Total housing payment | $1,154.07 | $2,594.06 | $2,581.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,671
Closing costs & prepaids$11,458
Usable credit−$0
Total buyer cash needed$48,129
Earnest money paid−$0
Remaining funds due$48,129
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$277.75
Prepaid interest, first (1 days)$12.87
Prepaid interest, second (1 days)$42.68
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 7 moOf the original 30-year loan at 3.690%
Interest already paid$63,731Through Nov 2026
Assumption only · ends Jun 2045$64,613
Assumption + second · ends Jun 2045, second Dec 2056$382,009
New conventional · ends Dec 2056$497,933