Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,099/mo
Lowest payment- Down payment
- $265,589
- Funds due
- $276,124
- Interest + MI left
- $60,879
- First ends
- Sep 2045
Assumption
Assumption + second
$2,732/mo
+$1,633/mo- Down payment
- $37,589
- Funds due
- $49,810
- Interest + MI left
- $420,910
- First ends
- Sep 2045
New loan
New conventional
$2,653/mo
+$1,554/mo- Down payment
- $37,589
- Funds due
- $46,435
- Interest + MI left
- $493,351
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $109,411 | $109,411 | $337,411 |
| Second mortgage | — | $228,000 | — |
| First P&I | $696.54 | $696.54 | $2,285.74 |
| Second P&I | — | $1,633.42 | — |
| Mortgage insurance | $102.35 | $102.35 | $67.48 |
| Taxes, insurance & HOA | $300.00 | $300.00 | $300.00 |
| Total housing payment | $1,098.89 | $2,732.31 | $2,653.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,589
Closing costs & prepaids$12,221
Usable credit−$0
Total buyer cash needed$49,810
Earnest money paid−$0
Remaining funds due$49,810
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$450.00
Prepaid interest, first (9 days)$110.07
Prepaid interest, second (9 days)$435.70
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 30-year loan at 4.08%
Interest already paid$58,945Through Dec 2026
Assumption only · ends Sep 2045$60,879
Assumption + second · ends Sep 2045, second Jan 2057$420,910
New conventional · ends Jan 2057$493,351