Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,317/mo
Lowest payment- Down payment
- $278,571
- Funds due
- $289,637
- Interest + MI left
- $88,455
- First ends
- Dec 2047
Assumption
Assumption + second
$3,007/mo
+$1,691/mo- Down payment
- $42,571
- Funds due
- $54,987
- Interest + MI left
- $461,118
- First ends
- Dec 2047
New loan
New conventional
$3,061/mo
+$1,744/mo- Down payment
- $42,571
- Funds due
- $51,534
- Interest + MI left
- $579,979
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $146,429 | $146,429 | $382,429 |
| Second mortgage | — | $236,000 | — |
| First P&I | $852.96 | $852.96 | $2,647.86 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | $127.47 | $127.47 | $76.49 |
| Taxes, insurance & HOA | $336.25 | $336.25 | $336.25 |
| Total housing payment | $1,316.68 | $3,007.41 | $3,060.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,571
Closing costs & prepaids$12,416
Usable credit−$0
Total buyer cash needed$54,987
Earnest money paid−$0
Remaining funds due$54,987
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$558.75
Prepaid interest, first (2 days)$31.61
Prepaid interest, second (2 days)$100.22
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 1 moOf the original 30-year loan at 3.940%
Interest already paid$57,732Through Nov 2026
Assumption only · ends Dec 2047$88,455
Assumption + second · ends Dec 2047, second Dec 2056$461,118
New conventional · ends Dec 2056$579,979