Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,753/mo
Lowest payment- Down payment
- $252,738
- Funds due
- $264,120
- Interest + MI left
- $106,935
- First ends
- Sep 2045
Assumption
Assumption + second
$3,236/mo
+$1,483/mo- Down payment
- $45,738
- Funds due
- $58,633
- Interest + MI left
- $433,805
- First ends
- Sep 2045
New loan
New conventional
$3,142/mo
+$1,389/mo- Down payment
- $45,738
- Funds due
- $55,210
- Interest + MI left
- $589,555
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,262 | $196,262 | $403,262 |
| Second mortgage | — | $207,000 | — |
| First P&I | $1,239.24 | $1,239.24 | $2,731.84 |
| Second P&I | — | $1,482.97 | — |
| Mortgage insurance | $184.31 | $184.31 | $80.65 |
| Taxes, insurance & HOA | $329.58 | $329.58 | $329.58 |
| Total housing payment | $1,753.13 | $3,236.10 | $3,142.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,738
Closing costs & prepaids$12,896
Usable credit−$0
Total buyer cash needed$58,633
Earnest money paid−$0
Remaining funds due$58,633
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$538.75
Prepaid interest, first (6 days)$128.40
Prepaid interest, second (6 days)$263.71
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 9 moOf the original 30-year loan at 3.98%
Interest already paid$103,359Through Dec 2026
Assumption only · ends Sep 2045$106,935
Assumption + second · ends Sep 2045, second Jan 2057$433,805
New conventional · ends Jan 2057$589,555