Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,144/mo
Lowest payment- Down payment
- $262,205
- Funds due
- $272,792
- Interest + MI left
- $59,510
- First ends
- Jul 2045
Assumption
Assumption + second
$2,749/mo
+$1,605/mo- Down payment
- $38,205
- Funds due
- $50,470
- Interest + MI left
- $413,225
- First ends
- Jul 2045
New loan
New conventional
$2,686/mo
+$1,542/mo- Down payment
- $38,205
- Funds due
- $47,109
- Interest + MI left
- $499,761
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $117,795 | $117,795 | $341,795 |
| Second mortgage | — | $224,000 | — |
| First P&I | $729.45 | $729.45 | $2,315.44 |
| Second P&I | — | $1,604.76 | — |
| Mortgage insurance | $112.67 | $112.67 | $68.36 |
| Taxes, insurance & HOA | $302.00 | $302.00 | $302.00 |
| Total housing payment | $1,144.12 | $2,748.89 | $2,685.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,205
Closing costs & prepaids$12,266
Usable credit−$0
Total buyer cash needed$50,470
Earnest money paid−$0
Remaining funds due$50,470
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)$456.00
Prepaid interest, first (9 days)$106.60
Prepaid interest, second (9 days)$428.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.67%
Interest already paid$58,665Through Dec 2026
Assumption only · ends Jul 2045$59,510
Assumption + second · ends Jul 2045, second Jan 2057$413,225
New conventional · ends Jan 2057$499,761