Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$677/mo
Lowest payment- Down payment
- $260,105
- Funds due
- $269,831
- Interest + MI left
- $30,798
- First ends
- Jun 2045
Assumption
Assumption + second
$2,310/mo
+$1,633/mo- Down payment
- $32,105
- Funds due
- $43,178
- Interest + MI left
- $390,829
- First ends
- Jun 2045
New loan
New conventional
$2,297/mo
+$1,620/mo- Down payment
- $32,105
- Funds due
- $39,815
- Interest + MI left
- $436,612
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $59,895 | $59,895 | $287,895 |
| Second mortgage | — | $228,000 | — |
| First P&I | $373.36 | $373.36 | $1,993.33 |
| Second P&I | — | $1,633.42 | — |
| Mortgage insurance | $57.11 | $57.11 | $57.58 |
| Taxes, insurance & HOA | $246.33 | $246.33 | $246.33 |
| Total housing payment | $676.80 | $2,310.22 | $2,297.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,105
Closing costs & prepaids$11,073
Usable credit−$0
Total buyer cash needed$43,178
Earnest money paid−$0
Remaining funds due$43,178
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$289.00
Prepaid interest, first (2 days)$12.31
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 7 moOf the original 30-year loan at 3.750%
Interest already paid$30,426Through Nov 2026
Assumption only · ends Jun 2045$30,798
Assumption + second · ends Jun 2045, second Dec 2056$390,829
New conventional · ends Dec 2056$436,612