Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$967/mo
Lowest payment- Down payment
- $248,899
- Funds due
- $259,057
- Interest + MI left
- $45,889
- First ends
- Jul 2045
Assumption
Assumption + second
$2,508/mo
+$1,540/mo- Down payment
- $33,899
- Funds due
- $45,352
- Interest + MI left
- $385,392
- First ends
- Jul 2045
New loan
New conventional
$2,494/mo
+$1,526/mo- Down payment
- $33,899
- Funds due
- $41,970
- Interest + MI left
- $459,673
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $88,101 | $88,101 | $303,101 |
| Second mortgage | — | $215,000 | — |
| First P&I | $549.30 | $549.30 | $2,098.61 |
| Second P&I | — | $1,540.29 | — |
| Mortgage insurance | $83.60 | $83.60 | $60.62 |
| Taxes, insurance & HOA | $334.42 | $334.42 | $334.42 |
| Total housing payment | $967.32 | $2,507.61 | $2,493.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,899
Closing costs & prepaids$11,453
Usable credit−$0
Total buyer cash needed$45,352
Earnest money paid−$0
Remaining funds due$45,352
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,370.00
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)$553.25
Prepaid interest, first (1 days)$9.15
Prepaid interest, second (1 days)$45.65
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 8 moOf the original 30-year loan at 3.790%
Interest already paid$44,775Through Nov 2026
Assumption only · ends Jul 2045$45,889
Assumption + second · ends Jul 2045, second Dec 2056$385,392
New conventional · ends Dec 2056$459,673