Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,642/mo
Lowest payment- Down payment
- $229,512
- Funds due
- $240,482
- Interest + MI left
- $100,390
- First ends
- Oct 2045
Assumption
Assumption + second
$3,021/mo
+$1,379/mo- Down payment
- $41,512
- Funds due
- $53,980
- Interest + MI left
- $409,002
- First ends
- Oct 2045
New loan
New conventional
$2,906/mo
+$1,264/mo- Down payment
- $41,512
- Funds due
- $50,586
- Interest + MI left
- $543,162
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $183,478 | $183,478 | $371,478 |
| Second mortgage | — | $188,000 | — |
| First P&I | $1,155.06 | $1,155.06 | $2,516.52 |
| Second P&I | — | $1,379.48 | — |
| Mortgage insurance | $171.79 | $171.79 | $74.30 |
| Taxes, insurance & HOA | $315.17 | $315.17 | $315.17 |
| Total housing payment | $1,642.02 | $3,021.49 | $2,905.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,512
Closing costs & prepaids$12,468
Usable credit−$0
Total buyer cash needed$53,980
Earnest money paid−$0
Remaining funds due$53,980
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,129.90
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)$495.50
Prepaid interest, first (6 days)$120.04
Prepaid interest, second (6 days)$247.23
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 10 moOf the original 30-year loan at 3.98%
Interest already paid$95,730Through Dec 2026
Assumption only · ends Oct 2045$100,390
Assumption + second · ends Oct 2045, second Jan 2057$409,002
New conventional · ends Jan 2057$543,162