Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$708/mo
Lowest payment- Down payment
- $260,291
- Funds due
- $270,137
- Interest + MI left
- $30,576
- First ends
- Jun 2045
Assumption
Assumption + second
$2,342/mo
+$1,633/mo- Down payment
- $32,291
- Funds due
- $43,677
- Interest + MI left
- $390,607
- First ends
- Jun 2045
New loan
New conventional
$2,285/mo
+$1,576/mo- Down payment
- $32,291
- Funds due
- $40,317
- Interest + MI left
- $420,678
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $59,709 | $59,709 | $287,709 |
| Second mortgage | — | $228,000 | — |
| First P&I | $373.36 | $373.36 | $1,949.04 |
| Second P&I | — | $1,633.42 | — |
| Mortgage insurance | $57.11 | $57.11 | $57.54 |
| Taxes, insurance & HOA | $278.00 | $278.00 | $278.00 |
| Total housing payment | $708.46 | $2,341.88 | $2,284.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,291
Closing costs & prepaids$11,386
Usable credit−$0
Total buyer cash needed$43,677
Earnest money paid−$0
Remaining funds due$43,677
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$384.00
Prepaid interest, first (6 days)$36.81
Prepaid interest, second (6 days)$290.47
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 closing18 yr 6 moOf the original 30-year loan at 3.75%
Interest already paid$30,613Through Dec 2026
Assumption only · ends Jun 2045$30,576
Assumption + second · ends Jun 2045, second Jan 2057$390,607
New conventional · ends Jan 2057$420,678