Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,312/mo
Lowest payment- Down payment
- $314,815
- Funds due
- $326,166
- Interest + MI left
- $71,050
- First ends
- Jun 2045
Assumption
Assumption + second
$3,239/mo
+$1,927/mo- Down payment
- $45,815
- Funds due
- $58,758
- Interest + MI left
- $495,823
- First ends
- Jun 2045
New loan
New conventional
$3,149/mo
+$1,837/mo- Down payment
- $45,815
- Funds due
- $55,299
- Interest + MI left
- $590,904
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $135,185 | $135,185 | $404,185 |
| Second mortgage | — | $269,000 | — |
| First P&I | $853.66 | $853.66 | $2,738.09 |
| Second P&I | — | $1,927.15 | — |
| Mortgage insurance | $128.67 | $128.67 | $80.84 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $1,312.33 | $3,239.48 | $3,148.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,815
Closing costs & prepaids$12,944
Usable credit−$0
Total buyer cash needed$58,758
Earnest money paid−$0
Remaining funds due$58,758
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Prepaid interest, first (6 days)$86.00
Prepaid interest, second (6 days)$342.70
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 6 moOf the original 30-year loan at 3.87%
Interest already paid$71,342Through Dec 2026
Assumption only · ends Jun 2045$71,050
Assumption + second · ends Jun 2045, second Jan 2057$495,823
New conventional · ends Jan 2057$590,904