Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,358/mo
Lowest payment- Down payment
- $280,764
- Funds due
- $291,932
- Interest + MI left
- $80,088
- First ends
- May 2046
Assumption
Assumption + second
$3,056/mo
+$1,698/mo- Down payment
- $43,764
- Funds due
- $56,635
- Interest + MI left
- $454,331
- First ends
- May 2046
New loan
New conventional
$3,008/mo
+$1,650/mo- Down payment
- $43,764
- Funds due
- $53,238
- Interest + MI left
- $563,202
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $148,236 | $148,236 | $385,236 |
| Second mortgage | — | $237,000 | — |
| First P&I | $899.71 | $899.71 | $2,609.72 |
| Second P&I | — | $1,697.90 | — |
| Mortgage insurance | $136.94 | $136.94 | $77.05 |
| Taxes, insurance & HOA | $321.58 | $321.58 | $321.58 |
| Total housing payment | $1,358.23 | $3,056.13 | $3,008.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,764
Closing costs & prepaids$12,871
Usable credit−$0
Total buyer cash needed$56,635
Earnest money paid−$0
Remaining funds due$56,635
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,290.00
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)$514.75
Prepaid interest, first (9 days)$138.53
Prepaid interest, second (9 days)$452.90
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 5 moOf the original 30-year loan at 3.79%
Interest already paid$69,175Through Dec 2026
Assumption only · ends May 2046$80,088
Assumption + second · ends May 2046, second Jan 2057$454,331
New conventional · ends Jan 2057$563,202