Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,064/mo
Lowest payment- Down payment
- $288,698
- Funds due
- $299,477
- Interest + MI left
- $57,743
- First ends
- Jun 2046
Assumption
Assumption + second
$2,841/mo
+$1,777/mo- Down payment
- $40,698
- Funds due
- $53,201
- Interest + MI left
- $449,356
- First ends
- Jun 2046
New loan
New conventional
$2,800/mo
+$1,736/mo- Down payment
- $40,698
- Funds due
- $49,803
- Interest + MI left
- $522,071
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $109,102 | $109,102 | $357,102 |
| Second mortgage | — | $248,000 | — |
| First P&I | $654.06 | $654.06 | $2,419.13 |
| Second P&I | — | $1,776.70 | — |
| Mortgage insurance | $100.90 | $100.90 | $71.42 |
| Taxes, insurance & HOA | $309.08 | $309.08 | $309.08 |
| Total housing payment | $1,064.05 | $2,840.75 | $2,799.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,698
Closing costs & prepaids$12,503
Usable credit−$0
Total buyer cash needed$53,201
Earnest money paid−$0
Remaining funds due$53,201
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,978.00
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)$477.25
Prepaid interest, first (9 days)$99.00
Prepaid interest, second (9 days)$473.92
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 3.68%
Interest already paid$49,064Through Dec 2026
Assumption only · ends Jun 2046$57,743
Assumption + second · ends Jun 2046, second Jan 2057$449,356
New conventional · ends Jan 2057$522,071