Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,857/mo
Lowest payment- Down payment
- $273,421
- Funds due
- $285,504
- Interest + MI left
- $89,175
- First ends
- May 2045
Assumption
Assumption + second
$3,490/mo
+$1,633/mo- Down payment
- $45,421
- Funds due
- $58,850
- Interest + MI left
- $449,206
- First ends
- May 2045
New loan
New conventional
$3,469/mo
+$1,613/mo- Down payment
- $45,421
- Funds due
- $55,377
- Interest + MI left
- $612,124
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,678 | $175,678 | $403,678 |
| Second mortgage | — | $228,000 | — |
| First P&I | $1,094.91 | $1,094.91 | $2,794.98 |
| Second P&I | — | $1,633.42 | — |
| Mortgage insurance | $168.29 | $168.29 | $80.74 |
| Taxes, insurance & HOA | $593.67 | $593.67 | $593.67 |
| Total housing payment | $1,856.87 | $3,490.29 | $3,469.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,421
Closing costs & prepaids$13,430
Usable credit−$0
Total buyer cash needed$58,850
Earnest money paid−$0
Remaining funds due$58,850
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.99
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)$1,331.00
Prepaid interest, first (2 days)$35.71
Prepaid interest, second (2 days)$96.82
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 6 moOf the original 30-year loan at 3.710%
Interest already paid$89,190Through Nov 2026
Assumption only · ends May 2045$89,175
Assumption + second · ends May 2045, second Dec 2056$449,206
New conventional · ends Dec 2056$612,124