Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,225/mo
Lowest payment- Down payment
- $276,337
- Funds due
- $287,251
- Interest + MI left
- $69,835
- First ends
- Jun 2046
Assumption
Assumption + second
$2,908/mo
+$1,684/mo- Down payment
- $41,337
- Funds due
- $53,950
- Interest + MI left
- $440,920
- First ends
- Jun 2046
New loan
New conventional
$2,870/mo
+$1,646/mo- Down payment
- $41,337
- Funds due
- $50,567
- Interest + MI left
- $536,107
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $131,653 | $131,653 | $366,653 |
| Second mortgage | — | $235,000 | — |
| First P&I | $789.93 | $789.93 | $2,483.84 |
| Second P&I | — | $1,683.57 | — |
| Mortgage insurance | $121.71 | $121.71 | $73.33 |
| Taxes, insurance & HOA | $313.17 | $313.17 | $313.17 |
| Total housing payment | $1,224.81 | $2,908.38 | $2,870.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,337
Closing costs & prepaids$12,613
Usable credit−$0
Total buyer cash needed$53,950
Earnest money paid−$0
Remaining funds due$53,950
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,079.90
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)$489.50
Prepaid interest, first (9 days)$119.79
Prepaid interest, second (9 days)$449.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing19 yr 6 moOf the original 30-year loan at 3.69%
Interest already paid$59,355Through Dec 2026
Assumption only · ends Jun 2046$69,835
Assumption + second · ends Jun 2046, second Jan 2057$440,920
New conventional · ends Jan 2057$536,107