Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$902/mo
Lowest payment- Down payment
- $249,464
- Funds due
- $259,309
- Interest + MI left
- $48,616
- First ends
- Sep 2044
Assumption
Assumption + second
$2,442/mo
+$1,540/mo- Down payment
- $34,464
- Funds due
- $45,605
- Interest + MI left
- $388,119
- First ends
- Sep 2044
New loan
New conventional
$2,393/mo
+$1,490/mo- Down payment
- $34,464
- Funds due
- $42,216
- Interest + MI left
- $461,788
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $89,536 | $89,536 | $304,536 |
| Second mortgage | — | $215,000 | — |
| First P&I | $597.49 | $597.49 | $2,108.55 |
| Second P&I | — | $1,540.29 | — |
| Mortgage insurance | $81.49 | $81.49 | $60.91 |
| Taxes, insurance & HOA | $223.17 | $223.17 | $223.17 |
| Total housing payment | $902.15 | $2,442.43 | $2,392.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,464
Closing costs & prepaids$11,141
Usable credit−$0
Total buyer cash needed$45,605
Earnest money paid−$0
Remaining funds due$45,605
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$219.50
Prepaid interest, first (1 days)$10.43
Prepaid interest, second (1 days)$45.65
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 closing17 yr 10 moOf the original 27-year loan at 4.250%
Interest already paid$40,217Through Nov 2026
Assumption only · ends Sep 2044$48,616
Assumption + second · ends Sep 2044, second Dec 2056$388,119
New conventional · ends Dec 2056$461,788