Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$708/mo
Lowest payment- Down payment
- $277,116
- Funds due
- $287,035
- Interest + MI left
- $48,817
- First ends
- May 2048
Assumption
Assumption + second
$2,442/mo
+$1,734/mo- Down payment
- $35,116
- Funds due
- $46,336
- Interest + MI left
- $430,955
- First ends
- May 2048
New loan
New conventional
$2,455/mo
+$1,747/mo- Down payment
- $35,116
- Funds due
- $42,939
- Interest + MI left
- $477,543
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $72,884 | $72,884 | $314,884 |
| Second mortgage | — | $242,000 | — |
| First P&I | $434.58 | $434.58 | $2,180.19 |
| Second P&I | — | $1,733.72 | — |
| Mortgage insurance | $61.98 | $61.98 | $62.98 |
| Taxes, insurance & HOA | $211.83 | $211.83 | $211.83 |
| Total housing payment | $708.40 | $2,442.11 | $2,455.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,116
Closing costs & prepaids$11,221
Usable credit−$0
Total buyer cash needed$46,336
Earnest money paid−$0
Remaining funds due$46,336
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$185.50
Prepaid interest, first (1 days)$8.65
Prepaid interest, second (1 days)$51.38
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 4.330%
Interest already paid$29,706Through Nov 2026
Assumption only · ends May 2048$48,817
Assumption + second · ends May 2048, second Dec 2056$430,955
New conventional · ends Dec 2056$477,543