Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,016/mo
Lowest payment- Down payment
- $243,621
- Funds due
- $253,859
- Interest + MI left
- $55,211
- First ends
- Aug 2046
Assumption
Assumption + second
$2,506/mo
+$1,490/mo- Down payment
- $35,621
- Funds due
- $47,507
- Interest + MI left
- $383,661
- First ends
- Aug 2046
New loan
New conventional
$2,483/mo
+$1,467/mo- Down payment
- $35,621
- Funds due
- $44,166
- Interest + MI left
- $459,611
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $106,379 | $106,379 | $314,379 |
| Second mortgage | — | $208,000 | — |
| First P&I | $627.46 | $627.46 | $2,129.71 |
| Second P&I | — | $1,490.14 | — |
| Mortgage insurance | $98.24 | $98.24 | $62.88 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $1,015.70 | $2,505.84 | $2,482.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,621
Closing costs & prepaids$11,886
Usable credit−$0
Total buyer cash needed$47,507
Earnest money paid−$0
Remaining funds due$47,507
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Prepaid interest, first (9 days)$93.38
Prepaid interest, second (9 days)$397.48
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 8 moOf the original 30-year loan at 3.56%
Interest already paid$45,489Through Dec 2026
Assumption only · ends Aug 2046$55,211
Assumption + second · ends Aug 2046, second Jan 2057$383,661
New conventional · ends Jan 2057$459,611