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
- $280,996
- Funds due
- $292,267
- Interest + MI left
- $84,469
- First ends
- Nov 2048
Assumption
Assumption + second
$3,000/mo
+$1,698/mo- Down payment
- $43,996
- Funds due
- $56,970
- Interest + MI left
- $458,712
- First ends
- Nov 2048
New loan
New conventional
$3,080/mo
+$1,778/mo- Down payment
- $43,996
- Funds due
- $53,597
- Interest + MI left
- $577,561
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $158,004 | $158,004 | $395,004 |
| Second mortgage | — | $237,000 | — |
| First P&I | $845.60 | $845.60 | $2,675.89 |
| Second P&I | — | $1,697.90 | — |
| Mortgage insurance | $131.09 | $131.09 | $79.00 |
| Taxes, insurance & HOA | $325.58 | $325.58 | $325.58 |
| Total housing payment | $1,302.27 | $3,000.17 | $3,080.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,996
Closing costs & prepaids$12,974
Usable credit−$0
Total buyer cash needed$56,970
Earnest money paid−$0
Remaining funds due$56,970
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$526.75
Prepaid interest, first (9 days)$128.96
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 closing21 yr 11 moOf the original 28-year loan at 3.31%
Interest already paid$34,668Through Dec 2026
Assumption only · ends Nov 2048$84,469
Assumption + second · ends Nov 2048, second Jan 2057$458,712
New conventional · ends Jan 2057$577,561