Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,137/mo
Lowest payment- Down payment
- $277,953
- Funds due
- $288,518
- Interest + MI left
- $70,317
- First ends
- Jun 2046
Assumption
Assumption + second
$2,828/mo
+$1,691/mo- Down payment
- $41,953
- Funds due
- $53,818
- Interest + MI left
- $442,981
- First ends
- Jun 2046
New loan
New conventional
$2,847/mo
+$1,710/mo- Down payment
- $41,953
- Funds due
- $50,360
- Interest + MI left
- $558,079
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $132,037 | $132,037 | $368,037 |
| Second mortgage | — | $236,000 | — |
| First P&I | $789.93 | $789.93 | $2,548.21 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | $121.71 | $121.71 | $73.61 |
| Taxes, insurance & HOA | $225.67 | $225.67 | $225.67 |
| Total housing payment | $1,137.31 | $2,828.05 | $2,847.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,953
Closing costs & prepaids$11,865
Usable credit−$0
Total buyer cash needed$53,818
Earnest money paid−$0
Remaining funds due$53,818
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,099.90
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)$227.00
Prepaid interest, first (1 days)$13.35
Prepaid interest, second (1 days)$50.11
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 7 moOf the original 30-year loan at 3.690%
Interest already paid$58,949Through Nov 2026
Assumption only · ends Jun 2046$70,317
Assumption + second · ends Jun 2046, second Dec 2056$442,981
New conventional · ends Dec 2056$558,079