Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,623/mo
Lowest payment- Down payment
- $356,053
- Funds due
- $368,767
- Interest + MI left
- $71,241
- First ends
- Dec 2045
Assumption
Assumption + second
$3,780/mo
+$2,156/mo- Down payment
- $55,053
- Funds due
- $69,401
- Interest + MI left
- $546,545
- First ends
- Dec 2045
New loan
New conventional
$3,839/mo
+$2,215/mo- Down payment
- $55,053
- Funds due
- $65,922
- Interest + MI left
- $723,694
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $193,947 | $193,947 | $494,947 |
| Second mortgage | — | $301,000 | — |
| First P&I | $1,067.60 | $1,067.60 | $3,352.94 |
| Second P&I | — | $2,156.40 | — |
| Mortgage insurance | $168.95 | $168.95 | $98.99 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $1,623.21 | $3,779.61 | $3,838.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,053
Closing costs & prepaids$14,348
Usable credit−$0
Total buyer cash needed$69,401
Earnest money paid−$0
Remaining funds due$69,401
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Prepaid interest, first (6 days)$79.07
Prepaid interest, second (6 days)$383.47
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 closing19 yrOf the original 25-year loan at 2.48%
Interest already paid$32,303Through Dec 2026
Assumption only · ends Dec 2045$71,241
Assumption + second · ends Dec 2045, second Jan 2057$546,545
New conventional · ends Jan 2057$723,694