Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,438/mo
Lowest payment- Down payment
- $308,672
- Funds due
- $320,359
- Interest + MI left
- $92,360
- First ends
- Apr 2047
Assumption
Assumption + second
$3,300/mo
+$1,863/mo- Down payment
- $48,672
- Funds due
- $61,665
- Interest + MI left
- $502,922
- First ends
- Apr 2047
New loan
New conventional
$3,390/mo
+$1,952/mo- Down payment
- $48,672
- Funds due
- $58,144
- Interest + MI left
- $661,569
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $176,228 | $176,228 | $436,228 |
| Second mortgage | — | $260,000 | — |
| First P&I | $1,013.12 | $1,013.12 | $3,020.35 |
| Second P&I | — | $1,862.67 | — |
| Mortgage insurance | $142.43 | $142.43 | $87.25 |
| Taxes, insurance & HOA | $282.17 | $282.17 | $282.17 |
| Total housing payment | $1,437.71 | $3,300.38 | $3,389.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,672
Closing costs & prepaids$12,993
Usable credit−$0
Total buyer cash needed$61,665
Earnest money paid−$0
Remaining funds due$61,665
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,849.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$346.50
Prepaid interest, first (1 days)$17.19
Prepaid interest, second (1 days)$55.21
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 closing20 yr 5 moOf the original 25-year loan at 3.560%
Interest already paid$30,874Through Nov 2026
Assumption only · ends Apr 2047$92,360
Assumption + second · ends Apr 2047, second Dec 2056$502,922
New conventional · ends Dec 2056$661,569