Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,288/mo
Lowest payment- Down payment
- $296,208
- Funds due
- $308,835
- Interest + MI left
- $170,261
- First ends
- May 2045
Assumption
Assumption + second
$4,029/mo
+$1,741/mo- Down payment
- $53,208
- Funds due
- $67,394
- Interest + MI left
- $553,979
- First ends
- May 2045
New loan
New conventional
$3,704/mo
+$1,416/mo- Down payment
- $53,208
- Funds due
- $63,850
- Interest + MI left
- $697,149
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $233,792 | $233,792 | $476,792 |
| Second mortgage | — | $243,000 | — |
| First P&I | $1,700.41 | $1,700.41 | $3,229.96 |
| Second P&I | — | $1,740.88 | — |
| Mortgage insurance | $209.35 | $209.35 | $95.36 |
| Taxes, insurance & HOA | $378.67 | $378.67 | $378.67 |
| Total housing payment | $2,288.42 | $4,029.30 | $3,703.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,208
Closing costs & prepaids$14,187
Usable credit−$0
Total buyer cash needed$67,394
Earnest money paid−$0
Remaining funds due$67,394
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,300.00
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)$636.00
Prepaid interest, first (6 days)$215.99
Prepaid interest, second (6 days)$309.58
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 5 moOf the original 30-year loan at 5.62%
Interest already paid$174,601Through Dec 2026
Assumption only · ends May 2045$170,261
Assumption + second · ends May 2045, second Jan 2057$553,979
New conventional · ends Jan 2057$697,149