Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,300/mo
Lowest payment- Down payment
- $296,280
- Funds due
- $307,514
- Interest + MI left
- $84,913
- First ends
- Dec 2047
Assumption
Assumption + second
$3,106/mo
+$1,805/mo- Down payment
- $44,280
- Funds due
- $56,871
- Interest + MI left
- $482,842
- First ends
- Dec 2047
New loan
New conventional
$3,170/mo
+$1,869/mo- Down payment
- $44,280
- Funds due
- $53,402
- Interest + MI left
- $603,169
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $145,720 | $145,720 | $397,720 |
| Second mortgage | — | $252,000 | — |
| First P&I | $836.50 | $836.50 | $2,753.73 |
| Second P&I | — | $1,805.36 | — |
| Mortgage insurance | $127.47 | $127.47 | $79.54 |
| Taxes, insurance & HOA | $336.25 | $336.25 | $336.25 |
| Total housing payment | $1,300.23 | $3,105.59 | $3,169.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,280
Closing costs & prepaids$12,591
Usable credit−$0
Total buyer cash needed$56,871
Earnest money paid−$0
Remaining funds due$56,871
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,420.00
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)$30.18
Prepaid interest, second (2 days)$107.01
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 3.780%
Interest already paid$55,263Through Nov 2026
Assumption only · ends Dec 2047$84,913
Assumption + second · ends Dec 2047, second Dec 2056$482,842
New conventional · ends Dec 2056$603,169