Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,373/mo
Lowest payment- Down payment
- $279,745
- Funds due
- $291,044
- Interest + MI left
- $70,230
- First ends
- Aug 2046
Assumption
Assumption + second
$3,056/mo
+$1,684/mo- Down payment
- $44,745
- Funds due
- $57,743
- Interest + MI left
- $441,315
- First ends
- Aug 2046
New loan
New conventional
$3,101/mo
+$1,728/mo- Down payment
- $44,745
- Funds due
- $54,383
- Interest + MI left
- $581,584
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $162,755 | $162,755 | $397,755 |
| Second mortgage | — | $235,000 | — |
| First P&I | $908.94 | $908.94 | $2,694.53 |
| Second P&I | — | $1,683.57 | — |
| Mortgage insurance | $136.67 | $136.67 | $79.55 |
| Taxes, insurance & HOA | $327.00 | $327.00 | $327.00 |
| Total housing payment | $1,372.61 | $3,056.18 | $3,101.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,745
Closing costs & prepaids$12,998
Usable credit−$0
Total buyer cash needed$57,743
Earnest money paid−$0
Remaining funds due$57,743
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,425.00
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)$531.00
Prepaid interest, first (9 days)$117.99
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 8 moOf the original 25-year loan at 2.94%
Interest already paid$27,985Through Dec 2026
Assumption only · ends Aug 2046$70,230
Assumption + second · ends Aug 2046, second Jan 2057$441,315
New conventional · ends Jan 2057$581,584