Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$881/mo
Lowest payment- Down payment
- $276,303
- Funds due
- $286,647
- Interest + MI left
- $44,347
- First ends
- May 2046
Assumption
Assumption + second
$2,600/mo
+$1,719/mo- Down payment
- $36,303
- Funds due
- $48,356
- Interest + MI left
- $423,327
- First ends
- May 2046
New loan
New conventional
$2,559/mo
+$1,678/mo- Down payment
- $36,303
- Funds due
- $44,983
- Interest + MI left
- $474,761
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $84,697 | $84,697 | $324,697 |
| Second mortgage | — | $240,000 | — |
| First P&I | $507.94 | $507.94 | $2,199.61 |
| Second P&I | — | $1,719.39 | — |
| Mortgage insurance | $78.65 | $78.65 | $64.94 |
| Taxes, insurance & HOA | $294.42 | $294.42 | $294.42 |
| Total housing payment | $881.00 | $2,600.39 | $2,558.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,303
Closing costs & prepaids$12,053
Usable credit−$0
Total buyer cash needed$48,356
Earnest money paid−$0
Remaining funds due$48,356
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,610.00
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)$433.25
Prepaid interest, first (9 days)$76.23
Prepaid interest, second (9 days)$458.63
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 3.65%
Interest already paid$38,171Through Dec 2026
Assumption only · ends May 2046$44,347
Assumption + second · ends May 2046, second Jan 2057$423,327
New conventional · ends Jan 2057$474,761