Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,121/mo
Lowest payment- Down payment
- $278,875
- Funds due
- $289,681
- Interest + MI left
- $61,640
- First ends
- Nov 2046
Assumption
Assumption + second
$2,826/mo
+$1,705/mo- Down payment
- $40,875
- Funds due
- $53,386
- Interest + MI left
- $437,462
- First ends
- Nov 2046
New loan
New conventional
$2,814/mo
+$1,693/mo- Down payment
- $40,875
- Funds due
- $50,006
- Interest + MI left
- $524,882
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $121,025 | $121,025 | $359,025 |
| Second mortgage | — | $238,000 | — |
| First P&I | $699.58 | $699.58 | $2,432.16 |
| Second P&I | — | $1,705.06 | — |
| Mortgage insurance | $111.32 | $111.32 | $71.80 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $1,120.90 | $2,825.96 | $2,813.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,875
Closing costs & prepaids$12,511
Usable credit−$0
Total buyer cash needed$53,386
Earnest money paid−$0
Remaining funds due$53,386
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$480.00
Prepaid interest, first (9 days)$102.36
Prepaid interest, second (9 days)$454.81
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 11 moOf the original 30-year loan at 3.43%
Interest already paid$48,517Through Dec 2026
Assumption only · ends Nov 2046$61,640
Assumption + second · ends Nov 2046, second Jan 2057$437,462
New conventional · ends Jan 2057$524,882