Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,418/mo
Lowest payment- Down payment
- $250,818
- Funds due
- $261,678
- Interest + MI left
- $83,459
- First ends
- Nov 2045
Assumption
Assumption + second
$2,923/mo
+$1,504/mo- Down payment
- $40,818
- Funds due
- $53,195
- Interest + MI left
- $415,066
- First ends
- Nov 2045
New loan
New conventional
$2,852/mo
+$1,433/mo- Down payment
- $40,818
- Funds due
- $49,801
- Interest + MI left
- $532,494
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $154,182 | $154,182 | $364,182 |
| Second mortgage | — | $210,000 | — |
| First P&I | $962.15 | $962.15 | $2,467.10 |
| Second P&I | — | $1,504.47 | — |
| Mortgage insurance | $144.32 | $144.32 | $72.84 |
| Taxes, insurance & HOA | $312.00 | $312.00 | $312.00 |
| Total housing payment | $1,418.47 | $2,922.93 | $2,851.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,818
Closing costs & prepaids$12,378
Usable credit−$0
Total buyer cash needed$53,195
Earnest money paid−$0
Remaining funds due$53,195
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$486.00
Prepaid interest, first (6 days)$99.10
Prepaid interest, second (6 days)$267.53
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 11 moOf the original 30-year loan at 3.91%
Interest already paid$78,407Through Dec 2026
Assumption only · ends Nov 2045$83,459
Assumption + second · ends Nov 2045, second Jan 2057$415,066
New conventional · ends Jan 2057$532,494