Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,108/mo
Lowest payment- Down payment
- $294,450
- Funds due
- $305,361
- Interest + MI left
- $46,394
- First ends
- Apr 2046
Assumption
Assumption + second
$2,906/mo
+$1,798/mo- Down payment
- $43,450
- Funds due
- $55,665
- Interest + MI left
- $442,744
- First ends
- Apr 2046
New loan
New conventional
$3,030/mo
+$1,921/mo- Down payment
- $43,450
- Funds due
- $52,197
- Interest + MI left
- $586,152
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $135,550 | $135,550 | $386,550 |
| Second mortgage | — | $251,000 | — |
| First P&I | $715.36 | $715.36 | $2,676.39 |
| Second P&I | — | $1,798.19 | — |
| Mortgage insurance | $116.85 | $116.85 | $77.31 |
| Taxes, insurance & HOA | $276.08 | $276.08 | $276.08 |
| Total housing payment | $1,108.29 | $2,906.48 | $3,029.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,450
Closing costs & prepaids$12,215
Usable credit−$0
Total buyer cash needed$55,665
Earnest money paid−$0
Remaining funds due$55,665
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$378.25
Prepaid interest, first (1 days)$8.17
Prepaid interest, second (1 days)$53.29
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 closing19 yr 5 moOf the original 25-year loan at 2.200%
Interest already paid$18,520Through Nov 2026
Assumption only · ends Apr 2046$46,394
Assumption + second · ends Apr 2046, second Dec 2056$442,744
New conventional · ends Dec 2056$586,152