Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,706/mo
Lowest payment- Down payment
- $305,516
- Funds due
- $317,738
- Interest + MI left
- $89,810
- First ends
- Aug 2045
Assumption
Assumption + second
$3,554/mo
+$1,848/mo- Down payment
- $47,516
- Funds due
- $61,097
- Interest + MI left
- $497,214
- First ends
- Aug 2045
New loan
New conventional
$3,532/mo
+$1,827/mo- Down payment
- $47,516
- Funds due
- $57,600
- Interest + MI left
- $648,308
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,484 | $169,484 | $427,484 |
| Second mortgage | — | $258,000 | — |
| First P&I | $1,058.73 | $1,058.73 | $2,959.81 |
| Second P&I | — | $1,848.34 | — |
| Mortgage insurance | $159.97 | $159.97 | $85.50 |
| Taxes, insurance & HOA | $486.92 | $486.92 | $486.92 |
| Total housing payment | $1,705.61 | $3,553.95 | $3,532.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,516
Closing costs & prepaids$13,581
Usable credit−$0
Total buyer cash needed$61,097
Earnest money paid−$0
Remaining funds due$61,097
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$960.75
Prepaid interest, first (2 days)$35.75
Prepaid interest, second (2 days)$109.56
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 9 moOf the original 30-year loan at 3.850%
Interest already paid$86,578Through Nov 2026
Assumption only · ends Aug 2045$89,810
Assumption + second · ends Aug 2045, second Dec 2056$497,214
New conventional · ends Dec 2056$648,308