Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,079/mo
Lowest payment- Down payment
- $265,266
- Funds due
- $275,655
- Interest + MI left
- $61,318
- First ends
- Sep 2045
Assumption
Assumption + second
$2,705/mo
+$1,626/mo- Down payment
- $38,266
- Funds due
- $50,002
- Interest + MI left
- $419,770
- First ends
- Sep 2045
New loan
New conventional
$2,679/mo
+$1,600/mo- Down payment
- $38,266
- Funds due
- $46,585
- Interest + MI left
- $510,612
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $109,734 | $109,734 | $336,734 |
| Second mortgage | — | $227,000 | — |
| First P&I | $696.54 | $696.54 | $2,331.48 |
| Second P&I | — | $1,626.26 | — |
| Mortgage insurance | $102.35 | $102.35 | $67.35 |
| Taxes, insurance & HOA | $280.00 | $280.00 | $280.00 |
| Total housing payment | $1,078.89 | $2,705.15 | $2,678.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,266
Closing costs & prepaids$11,736
Usable credit−$0
Total buyer cash needed$50,002
Earnest money paid−$0
Remaining funds due$50,002
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$390.00
Prepaid interest, first (2 days)$24.53
Prepaid interest, second (2 days)$96.40
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 10 moOf the original 30-year loan at 4.080%
Interest already paid$58,572Through Nov 2026
Assumption only · ends Sep 2045$61,318
Assumption + second · ends Sep 2045, second Dec 2056$419,770
New conventional · ends Dec 2056$510,612