Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,275/mo
Lowest payment- Down payment
- $281,736
- Funds due
- $292,676
- Interest + MI left
- $70,713
- First ends
- Aug 2046
Assumption
Assumption + second
$2,973/mo
+$1,698/mo- Down payment
- $44,736
- Funds due
- $57,026
- Interest + MI left
- $444,956
- First ends
- Aug 2046
New loan
New conventional
$3,081/mo
+$1,806/mo- Down payment
- $44,736
- Funds due
- $53,564
- Interest + MI left
- $607,027
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $163,264 | $163,264 | $400,264 |
| Second mortgage | — | $237,000 | — |
| First P&I | $908.94 | $908.94 | $2,771.35 |
| Second P&I | — | $1,697.90 | — |
| Mortgage insurance | $136.67 | $136.67 | $80.05 |
| Taxes, insurance & HOA | $229.42 | $229.42 | $229.42 |
| Total housing payment | $1,275.03 | $2,972.92 | $3,080.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,736
Closing costs & prepaids$12,290
Usable credit−$0
Total buyer cash needed$57,026
Earnest money paid−$0
Remaining funds due$57,026
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$238.25
Prepaid interest, first (2 days)$26.30
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 9 moOf the original 25-year loan at 2.940%
Interest already paid$27,585Through Nov 2026
Assumption only · ends Aug 2046$70,713
Assumption + second · ends Aug 2046, second Dec 2056$444,956
New conventional · ends Dec 2056$607,027