Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,302/mo
Lowest payment- Down payment
- $277,443
- Funds due
- $288,500
- Interest + MI left
- $74,768
- First ends
- Jun 2046
Assumption
Assumption + second
$2,985/mo
+$1,684/mo- Down payment
- $42,443
- Funds due
- $55,199
- Interest + MI left
- $445,853
- First ends
- Jun 2046
New loan
New conventional
$2,951/mo
+$1,649/mo- Down payment
- $42,443
- Funds due
- $51,816
- Interest + MI left
- $552,051
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $142,557 | $142,557 | $377,557 |
| Second mortgage | — | $235,000 | — |
| First P&I | $851.68 | $851.68 | $2,557.70 |
| Second P&I | — | $1,683.57 | — |
| Mortgage insurance | $132.04 | $132.04 | $75.51 |
| Taxes, insurance & HOA | $318.00 | $318.00 | $318.00 |
| Total housing payment | $1,301.72 | $2,985.29 | $2,951.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,443
Closing costs & prepaids$12,756
Usable credit−$0
Total buyer cash needed$55,199
Earnest money paid−$0
Remaining funds due$55,199
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$504.00
Prepaid interest, first (9 days)$127.95
Prepaid interest, second (9 days)$449.08
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 3.64%
Interest already paid$63,463Through Dec 2026
Assumption only · ends Jun 2046$74,768
Assumption + second · ends Jun 2046, second Jan 2057$445,853
New conventional · ends Jan 2057$552,051