Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$718/mo
Lowest payment- Down payment
- $254,057
- Funds due
- $263,733
- Interest + MI left
- $51,866
- First ends
- May 2048
Assumption
Assumption + second
$2,301/mo
+$1,583/mo- Down payment
- $33,057
- Funds due
- $44,029
- Interest + MI left
- $400,844
- First ends
- May 2048
New loan
New conventional
$2,312/mo
+$1,594/mo- Down payment
- $33,057
- Funds due
- $40,653
- Interest + MI left
- $450,182
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $75,843 | $75,843 | $296,843 |
| Second mortgage | — | $221,000 | — |
| First P&I | $456.36 | $456.36 | $2,055.28 |
| Second P&I | — | $1,583.27 | — |
| Mortgage insurance | $64.32 | $64.32 | $59.37 |
| Taxes, insurance & HOA | $197.50 | $197.50 | $197.50 |
| Total housing payment | $718.18 | $2,301.45 | $2,312.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,057
Closing costs & prepaids$10,973
Usable credit−$0
Total buyer cash needed$44,029
Earnest money paid−$0
Remaining funds due$44,029
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$142.50
Prepaid interest, first (1 days)$9.21
Prepaid interest, second (1 days)$46.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6 moOf the original 30-year loan at 4.430%
Interest already paid$31,581Through Nov 2026
Assumption only · ends May 2048$51,866
Assumption + second · ends May 2048, second Dec 2056$400,844
New conventional · ends Dec 2056$450,182