Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,841/mo
Lowest payment- Down payment
- $249,080
- Funds due
- $260,896
- Interest + MI left
- $89,837
- First ends
- Jul 2045
Assumption
Assumption + second
$3,317/mo
+$1,476/mo- Down payment
- $43,080
- Funds due
- $56,233
- Interest + MI left
- $415,128
- First ends
- Jul 2045
New loan
New conventional
$3,306/mo
+$1,464/mo- Down payment
- $43,080
- Funds due
- $52,784
- Interest + MI left
- $579,129
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,919 | $175,919 | $381,919 |
| Second mortgage | — | $206,000 | — |
| First P&I | $1,088.70 | $1,088.70 | $2,644.33 |
| Second P&I | — | $1,475.81 | — |
| Mortgage insurance | $167.54 | $167.54 | $76.38 |
| Taxes, insurance & HOA | $585.00 | $585.00 | $585.00 |
| Total housing payment | $1,841.24 | $3,317.05 | $3,305.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,080
Closing costs & prepaids$13,153
Usable credit−$0
Total buyer cash needed$56,233
Earnest money paid−$0
Remaining funds due$56,233
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,249.99
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)$1,305.00
Prepaid interest, first (2 days)$35.67
Prepaid interest, second (2 days)$87.48
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 8 moOf the original 30-year loan at 3.700%
Interest already paid$87,454Through Nov 2026
Assumption only · ends Jul 2045$89,837
Assumption + second · ends Jul 2045, second Dec 2056$415,128
New conventional · ends Dec 2056$579,129