Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,264/mo
Lowest payment- Down payment
- $280,334
- Funds due
- $291,112
- Interest + MI left
- $80,643
- First ends
- May 2046
Assumption
Assumption + second
$2,962/mo
+$1,698/mo- Down payment
- $43,334
- Funds due
- $55,463
- Interest + MI left
- $454,885
- First ends
- May 2046
New loan
New conventional
$2,975/mo
+$1,711/mo- Down payment
- $43,334
- Funds due
- $52,005
- Interest + MI left
- $584,811
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $148,666 | $148,666 | $385,666 |
| Second mortgage | — | $237,000 | — |
| First P&I | $899.71 | $899.71 | $2,670.27 |
| Second P&I | — | $1,697.90 | — |
| Mortgage insurance | $136.94 | $136.94 | $77.13 |
| Taxes, insurance & HOA | $227.58 | $227.58 | $227.58 |
| Total housing payment | $1,264.23 | $2,962.13 | $2,974.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,334
Closing costs & prepaids$12,129
Usable credit−$0
Total buyer cash needed$55,463
Earnest money paid−$0
Remaining funds due$55,463
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,290.00
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)$232.75
Prepaid interest, first (2 days)$30.87
Prepaid interest, second (2 days)$100.64
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 closing19 yr 6 moOf the original 30-year loan at 3.790%
Interest already paid$68,705Through Nov 2026
Assumption only · ends May 2046$80,643
Assumption + second · ends May 2046, second Dec 2056$454,885
New conventional · ends Dec 2056$584,811