Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,153/mo
Lowest payment- Down payment
- $292,917
- Funds due
- $304,009
- Interest + MI left
- $46,080
- First ends
- Apr 2046
Assumption
Assumption + second
$2,944/mo
+$1,791/mo- Down payment
- $42,917
- Funds due
- $55,736
- Interest + MI left
- $440,851
- First ends
- Apr 2046
New loan
New conventional
$3,007/mo
+$1,853/mo- Down payment
- $42,917
- Funds due
- $52,388
- Interest + MI left
- $563,055
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $135,083 | $135,083 | $385,083 |
| Second mortgage | — | $250,000 | — |
| First P&I | $715.36 | $715.36 | $2,608.69 |
| Second P&I | — | $1,791.03 | — |
| Mortgage insurance | $116.85 | $116.85 | $77.02 |
| Taxes, insurance & HOA | $321.17 | $321.17 | $321.17 |
| Total housing payment | $1,153.37 | $2,944.40 | $3,006.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,917
Closing costs & prepaids$12,820
Usable credit−$0
Total buyer cash needed$55,736
Earnest money paid−$0
Remaining funds due$55,736
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,280.00
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)$513.50
Prepaid interest, first (9 days)$73.28
Prepaid interest, second (9 days)$477.74
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 4 moOf the original 25-year loan at 2.2%
Interest already paid$18,769Through Dec 2026
Assumption only · ends Apr 2046$46,080
Assumption + second · ends Apr 2046, second Jan 2057$440,851
New conventional · ends Jan 2057$563,055