Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,384/mo
Lowest payment- Down payment
- $370,551
- Funds due
- $382,930
- Interest + MI left
- $63,360
- First ends
- Apr 2045
Assumption
Assumption + second
$3,676/mo
+$2,293/mo- Down payment
- $50,551
- Funds due
- $64,248
- Interest + MI left
- $568,667
- First ends
- Apr 2045
New loan
New conventional
$3,654/mo
+$2,271/mo- Down payment
- $50,551
- Funds due
- $60,703
- Interest + MI left
- $676,981
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $126,449 | $126,449 | $446,449 |
| Second mortgage | — | $320,000 | — |
| First P&I | $787.99 | $787.99 | $3,091.12 |
| Second P&I | — | $2,292.52 | — |
| Mortgage insurance | $121.71 | $121.71 | $89.29 |
| Taxes, insurance & HOA | $473.92 | $473.92 | $473.92 |
| Total housing payment | $1,383.62 | $3,676.14 | $3,654.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,551
Closing costs & prepaids$13,697
Usable credit−$0
Total buyer cash needed$64,248
Earnest money paid−$0
Remaining funds due$64,248
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,970.00
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)$921.75
Prepaid interest, first (1 days)$12.71
Prepaid interest, second (1 days)$67.95
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.670%
Interest already paid$64,150Through Nov 2026
Assumption only · ends Apr 2045$63,360
Assumption + second · ends Apr 2045, second Dec 2056$568,667
New conventional · ends Dec 2056$676,981