Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,566/mo
Lowest payment- Down payment
- $307,538
- Funds due
- $319,437
- Interest + MI left
- $86,318
- First ends
- Jun 2045
Assumption
Assumption + second
$3,429/mo
+$1,863/mo- Down payment
- $47,538
- Funds due
- $61,018
- Interest + MI left
- $496,879
- First ends
- Jun 2045
New loan
New conventional
$3,338/mo
+$1,772/mo- Down payment
- $47,538
- Funds due
- $57,562
- Interest + MI left
- $625,020
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,462 | $167,462 | $427,462 |
| Second mortgage | — | $260,000 | — |
| First P&I | $1,049.72 | $1,049.72 | $2,895.78 |
| Second P&I | — | $1,862.67 | — |
| Mortgage insurance | $159.97 | $159.97 | $85.49 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $1,566.35 | $3,429.02 | $3,337.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,538
Closing costs & prepaids$13,480
Usable credit−$0
Total buyer cash needed$61,018
Earnest money paid−$0
Remaining funds due$61,018
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$570.00
Prepaid interest, first (6 days)$104.06
Prepaid interest, second (6 days)$331.23
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 6 moOf the original 30-year loan at 3.78%
Interest already paid$86,490Through Dec 2026
Assumption only · ends Jun 2045$86,318
Assumption + second · ends Jun 2045, second Jan 2057$496,879
New conventional · ends Jan 2057$625,020