Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$771/mo
Lowest payment- Down payment
- $145,824
- Funds due
- $154,468
- Interest + MI left
- $40,891
- First ends
- Jun 2045
Assumption
Assumption + second
$1,673/mo
+$903/mo- Down payment
- $22,824
- Funds due
- $32,772
- Interest + MI left
- $242,802
- First ends
- Jun 2045
New loan
New conventional
$1,641/mo
+$870/mo- Down payment
- $22,824
- Funds due
- $29,506
- Interest + MI left
- $306,573
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $79,176 | $79,176 | $202,176 |
| Second mortgage | — | $123,000 | — |
| First P&I | $494.36 | $494.36 | $1,399.83 |
| Second P&I | — | $902.53 | — |
| Mortgage insurance | $75.43 | $75.43 | $40.44 |
| Taxes, insurance & HOA | $201.08 | $201.08 | $201.08 |
| Total housing payment | $770.87 | $1,673.40 | $1,641.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,824
Closing costs & prepaids$9,949
Usable credit−$0
Total buyer cash needed$32,772
Earnest money paid−$0
Remaining funds due$32,772
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$153.25
Prepaid interest, first (2 days)$16.36
Prepaid interest, second (2 days)$53.92
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 3.770%
Interest already paid$40,418Through Nov 2026
Assumption only · ends Jun 2045$40,891
Assumption + second · ends Jun 2045, second Dec 2056$242,802
New conventional · ends Dec 2056$306,573