Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$751/mo
Lowest payment- Down payment
- $268,102
- Funds due
- $277,932
- Interest + MI left
- $41,377
- First ends
- Apr 2045
Assumption
Assumption + second
$2,427/mo
+$1,676/mo- Down payment
- $34,102
- Funds due
- $45,281
- Interest + MI left
- $410,882
- First ends
- Apr 2045
New loan
New conventional
$2,388/mo
+$1,637/mo- Down payment
- $34,102
- Funds due
- $41,897
- Interest + MI left
- $462,398
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $70,898 | $70,898 | $304,898 |
| Second mortgage | — | $234,000 | — |
| First P&I | $468.71 | $468.71 | $2,111.05 |
| Second P&I | — | $1,676.40 | — |
| Mortgage insurance | $66.30 | $66.30 | $60.98 |
| Taxes, insurance & HOA | $215.92 | $215.92 | $215.92 |
| Total housing payment | $750.92 | $2,427.33 | $2,387.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,102
Closing costs & prepaids$11,179
Usable credit−$0
Total buyer cash needed$45,281
Earnest money paid−$0
Remaining funds due$45,281
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$197.75
Prepaid interest, first (2 days)$17.09
Prepaid interest, second (2 days)$99.37
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 5 moOf the original 30-year loan at 4.400%
Interest already paid$42,449Through Nov 2026
Assumption only · ends Apr 2045$41,377
Assumption + second · ends Apr 2045, second Dec 2056$410,882
New conventional · ends Dec 2056$462,398