Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,599/mo
Lowest payment- Down payment
- $415,455
- Funds due
- $428,757
- Interest + MI left
- $69,089
- First ends
- Sep 2045
Assumption
Assumption + second
$4,142/mo
+$2,543/mo- Down payment
- $60,455
- Funds due
- $75,685
- Interest + MI left
- $629,664
- First ends
- Sep 2045
New loan
New conventional
$4,162/mo
+$2,563/mo- Down payment
- $60,455
- Funds due
- $72,188
- Interest + MI left
- $787,442
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $183,545 | $183,545 | $538,545 |
| Second mortgage | — | $355,000 | — |
| First P&I | $1,031.55 | $1,031.55 | $3,648.29 |
| Second P&I | — | $2,543.26 | — |
| Mortgage insurance | $161.06 | $161.06 | $107.71 |
| Taxes, insurance & HOA | $406.25 | $406.25 | $406.25 |
| Total housing payment | $1,598.86 | $4,142.13 | $4,162.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,455
Closing costs & prepaids$15,230
Usable credit−$0
Total buyer cash needed$75,685
Earnest money paid−$0
Remaining funds due$75,685
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,990.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$718.75
Prepaid interest, first (9 days)$117.67
Prepaid interest, second (9 days)$678.39
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 9 moOf the original 25-year loan at 2.6%
Interest already paid$33,531Through Dec 2026
Assumption only · ends Sep 2045$69,089
Assumption + second · ends Sep 2045, second Jan 2057$629,664
New conventional · ends Jan 2057$787,442