Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,139/mo
Lowest payment- Down payment
- $287,520
- Funds due
- $300,092
- Interest + MI left
- $134,365
- First ends
- Oct 2045
Assumption
Assumption + second
$3,816/mo
+$1,676/mo- Down payment
- $53,520
- Funds due
- $67,641
- Interest + MI left
- $503,870
- First ends
- Oct 2045
New loan
New conventional
$3,702/mo
+$1,563/mo- Down payment
- $53,520
- Funds due
- $64,158
- Interest + MI left
- $696,693
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,480 | $242,480 | $476,480 |
| Second mortgage | — | $234,000 | — |
| First P&I | $1,534.08 | $1,534.08 | $3,227.84 |
| Second P&I | — | $1,676.40 | — |
| Mortgage insurance | $226.51 | $226.51 | $95.30 |
| Taxes, insurance & HOA | $378.67 | $378.67 | $378.67 |
| Total housing payment | $2,139.26 | $3,815.67 | $3,701.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,520
Closing costs & prepaids$14,120
Usable credit−$0
Total buyer cash needed$67,641
Earnest money paid−$0
Remaining funds due$67,641
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,300.00
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)$636.00
Prepaid interest, first (6 days)$161.03
Prepaid interest, second (6 days)$298.11
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 4.04%
Interest already paid$128,262Through Dec 2026
Assumption only · ends Oct 2045$134,365
Assumption + second · ends Oct 2045, second Jan 2057$503,870
New conventional · ends Jan 2057$696,693