Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$760/mo
Lowest payment- Down payment
- $250,544
- Funds due
- $260,315
- Interest + MI left
- $35,820
- First ends
- Jun 2045
Assumption
Assumption + second
$2,322/mo
+$1,562/mo- Down payment
- $32,544
- Funds due
- $43,657
- Interest + MI left
- $380,060
- First ends
- Jun 2045
New loan
New conventional
$2,308/mo
+$1,548/mo- Down payment
- $32,544
- Funds due
- $40,292
- Interest + MI left
- $435,737
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $69,356 | $69,356 | $287,356 |
| Second mortgage | — | $218,000 | — |
| First P&I | $433.05 | $433.05 | $1,989.59 |
| Second P&I | — | $1,561.78 | — |
| Mortgage insurance | $66.07 | $66.07 | $57.47 |
| Taxes, insurance & HOA | $260.83 | $260.83 | $260.83 |
| Total housing payment | $759.95 | $2,321.73 | $2,307.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,544
Closing costs & prepaids$11,113
Usable credit−$0
Total buyer cash needed$43,657
Earnest money paid−$0
Remaining funds due$43,657
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$122.50
Initial HOA (3 months)$210.00
Prepaid interest, first (2 days)$14.33
Prepaid interest, second (2 days)$92.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 7 moOf the original 30-year loan at 3.770%
Interest already paid$35,405Through Nov 2026
Assumption only · ends Jun 2045$35,820
Assumption + second · ends Jun 2045, second Dec 2056$380,060
New conventional · ends Dec 2056$435,737