Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,222/mo
Lowest payment- Down payment
- $278,927
- Funds due
- $289,945
- Interest + MI left
- $82,757
- First ends
- Oct 2049
Assumption
Assumption + second
$2,898/mo
+$1,676/mo- Down payment
- $44,927
- Funds due
- $57,245
- Interest + MI left
- $452,263
- First ends
- Oct 2049
New loan
New conventional
$3,110/mo
+$1,888/mo- Down payment
- $44,927
- Funds due
- $53,764
- Interest + MI left
- $606,506
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $165,973 | $165,973 | $399,973 |
| Second mortgage | — | $234,000 | — |
| First P&I | $826.84 | $826.84 | $2,769.33 |
| Second P&I | — | $1,676.40 | — |
| Mortgage insurance | $134.65 | $134.65 | $79.99 |
| Taxes, insurance & HOA | $260.42 | $260.42 | $260.42 |
| Total housing payment | $1,221.91 | $2,898.32 | $3,109.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,927
Closing costs & prepaids$12,318
Usable credit−$0
Total buyer cash needed$57,245
Earnest money paid−$0
Remaining funds due$57,245
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,449.00
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)$331.25
Prepaid interest, first (1 days)$13.19
Prepaid interest, second (1 days)$49.68
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 closing22 yr 11 moOf the original 28-year loan at 2.900%
Interest already paid$26,318Through Nov 2026
Assumption only · ends Oct 2049$82,757
Assumption + second · ends Oct 2049, second Dec 2056$452,263
New conventional · ends Dec 2056$606,506