Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,287/mo
Lowest payment- Down payment
- $272,452
- Funds due
- $283,701
- Interest + MI left
- $82,271
- First ends
- Oct 2049
Assumption
Assumption + second
$2,920/mo
+$1,633/mo- Down payment
- $44,452
- Funds due
- $57,387
- Interest + MI left
- $442,302
- First ends
- Oct 2049
New loan
New conventional
$3,070/mo
+$1,783/mo- Down payment
- $44,452
- Funds due
- $54,035
- Interest + MI left
- $575,354
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $165,548 | $165,548 | $393,548 |
| Second mortgage | — | $228,000 | — |
| First P&I | $826.84 | $826.84 | $2,666.03 |
| Second P&I | — | $1,633.42 | — |
| Mortgage insurance | $134.65 | $134.65 | $78.71 |
| Taxes, insurance & HOA | $325.17 | $325.17 | $325.17 |
| Total housing payment | $1,286.66 | $2,920.08 | $3,069.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,452
Closing costs & prepaids$12,935
Usable credit−$0
Total buyer cash needed$57,387
Earnest money paid−$0
Remaining funds due$57,387
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,380.00
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)$525.50
Prepaid interest, first (9 days)$118.38
Prepaid interest, second (9 days)$435.70
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 closing22 yr 10 moOf the original 28-year loan at 2.9%
Interest already paid$26,719Through Dec 2026
Assumption only · ends Oct 2049$82,271
Assumption + second · ends Oct 2049, second Jan 2057$442,302
New conventional · ends Jan 2057$575,354