Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,625/mo
Lowest payment- Down payment
- $263,949
- Funds due
- $275,260
- Interest + MI left
- $94,960
- First ends
- Aug 2045
Assumption
Assumption + second
$3,194/mo
+$1,569/mo- Down payment
- $44,949
- Funds due
- $57,789
- Interest + MI left
- $440,779
- First ends
- Aug 2045
New loan
New conventional
$3,110/mo
+$1,485/mo- Down payment
- $44,949
- Funds due
- $54,367
- Interest + MI left
- $583,332
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,951 | $179,951 | $398,951 |
| Second mortgage | — | $219,000 | — |
| First P&I | $1,127.54 | $1,127.54 | $2,702.63 |
| Second P&I | — | $1,568.94 | — |
| Mortgage insurance | $170.36 | $170.36 | $79.79 |
| Taxes, insurance & HOA | $327.58 | $327.58 | $327.58 |
| Total housing payment | $1,625.49 | $3,194.43 | $3,110.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,949
Closing costs & prepaids$12,840
Usable credit−$0
Total buyer cash needed$57,789
Earnest money paid−$0
Remaining funds due$57,789
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,439.00
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)$532.75
Prepaid interest, first (6 days)$113.89
Prepaid interest, second (6 days)$279.00
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 8 moOf the original 30-year loan at 3.85%
Interest already paid$92,784Through Dec 2026
Assumption only · ends Aug 2045$94,960
Assumption + second · ends Aug 2045, second Jan 2057$440,779
New conventional · ends Jan 2057$583,332