Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,415/mo
Lowest payment- Down payment
- $277,922
- Funds due
- $289,060
- Interest + MI left
- $82,797
- First ends
- Nov 2045
Assumption
Assumption + second
$3,091/mo
+$1,676/mo- Down payment
- $43,922
- Funds due
- $56,608
- Interest + MI left
- $452,302
- First ends
- Nov 2045
New loan
New conventional
$3,014/mo
+$1,599/mo- Down payment
- $43,922
- Funds due
- $53,178
- Interest + MI left
- $564,286
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $151,978 | $151,978 | $385,978 |
| Second mortgage | — | $234,000 | — |
| First P&I | $950.76 | $950.76 | $2,614.75 |
| Second P&I | — | $1,676.40 | — |
| Mortgage insurance | $142.09 | $142.09 | $77.20 |
| Taxes, insurance & HOA | $322.00 | $322.00 | $322.00 |
| Total housing payment | $1,414.86 | $3,091.26 | $3,013.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,922
Closing costs & prepaids$12,687
Usable credit−$0
Total buyer cash needed$56,608
Earnest money paid−$0
Remaining funds due$56,608
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.00
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)$516.00
Prepaid interest, first (6 days)$98.43
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 11 moOf the original 30-year loan at 3.94%
Interest already paid$77,831Through Dec 2026
Assumption only · ends Nov 2045$82,797
Assumption + second · ends Nov 2045, second Jan 2057$452,302
New conventional · ends Jan 2057$564,286