Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$965/mo
Lowest payment- Down payment
- $249,745
- Funds due
- $259,860
- Interest + MI left
- $48,246
- First ends
- Sep 2044
Assumption
Assumption + second
$2,505/mo
+$1,540/mo- Down payment
- $34,745
- Funds due
- $46,521
- Interest + MI left
- $387,749
- First ends
- Sep 2044
New loan
New conventional
$2,408/mo
+$1,443/mo- Down payment
- $34,745
- Funds due
- $43,158
- Interest + MI left
- $444,810
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $89,255 | $89,255 | $304,255 |
| Second mortgage | — | $215,000 | — |
| First P&I | $597.49 | $597.49 | $2,061.13 |
| Second P&I | — | $1,540.29 | — |
| Mortgage insurance | $81.49 | $81.49 | $60.85 |
| Taxes, insurance & HOA | $285.58 | $285.58 | $285.58 |
| Total housing payment | $964.56 | $2,504.85 | $2,407.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,745
Closing costs & prepaids$11,776
Usable credit−$0
Total buyer cash needed$46,521
Earnest money paid−$0
Remaining funds due$46,521
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$406.75
Prepaid interest, first (9 days)$93.53
Prepaid interest, second (9 days)$410.86
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 closing17 yr 9 moOf the original 27-year loan at 4.25%
Interest already paid$40,534Through Dec 2026
Assumption only · ends Sep 2044$48,246
Assumption + second · ends Sep 2044, second Jan 2057$387,749
New conventional · ends Jan 2057$444,810