Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$877/mo
Lowest payment- Down payment
- $326,568
- Funds due
- $337,248
- Interest + MI left
- $72,205
- First ends
- Feb 2049
Assumption
Assumption + second
$2,911/mo
+$2,035/mo- Down payment
- $42,568
- Funds due
- $54,619
- Interest + MI left
- $520,665
- First ends
- Feb 2049
New loan
New conventional
$2,915/mo
+$2,038/mo- Down payment
- $42,568
- Funds due
- $51,150
- Interest + MI left
- $572,174
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $93,332 | $93,332 | $377,332 |
| Second mortgage | — | $284,000 | — |
| First P&I | $573.14 | $573.14 | $2,612.57 |
| Second P&I | — | $2,034.61 | — |
| Mortgage insurance | $76.76 | $76.76 | $75.47 |
| Taxes, insurance & HOA | $226.92 | $226.92 | $226.92 |
| Total housing payment | $876.81 | $2,911.42 | $2,914.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,568
Closing costs & prepaids$12,050
Usable credit−$0
Total buyer cash needed$54,619
Earnest money paid−$0
Remaining funds due$54,619
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,199.00
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)$230.75
Prepaid interest, first (2 days)$24.91
Prepaid interest, second (2 days)$120.60
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 closing22 yr 3 moOf the original 30-year loan at 4.870%
Interest already paid$38,270Through Nov 2026
Assumption only · ends Feb 2049$72,205
Assumption + second · ends Feb 2049, second Dec 2056$520,665
New conventional · ends Dec 2056$572,174