Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$995/mo
Lowest payment- Down payment
- $315,579
- Funds due
- $326,335
- Interest + MI left
- $58,141
- First ends
- Jun 2046
Assumption
Assumption + second
$2,951/mo
+$1,956/mo- Down payment
- $42,579
- Funds due
- $54,643
- Interest + MI left
- $489,231
- First ends
- Jun 2046
New loan
New conventional
$2,964/mo
+$1,969/mo- Down payment
- $42,579
- Funds due
- $51,176
- Interest + MI left
- $579,967
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $109,421 | $109,421 | $382,421 |
| Second mortgage | — | $273,000 | — |
| First P&I | $654.06 | $654.06 | $2,647.81 |
| Second P&I | — | $1,955.81 | — |
| Mortgage insurance | $100.90 | $100.90 | $76.48 |
| Taxes, insurance & HOA | $240.08 | $240.08 | $240.08 |
| Total housing payment | $995.05 | $2,950.85 | $2,964.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,579
Closing costs & prepaids$12,064
Usable credit−$0
Total buyer cash needed$54,643
Earnest money paid−$0
Remaining funds due$54,643
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$270.25
Prepaid interest, first (1 days)$11.03
Prepaid interest, second (1 days)$57.97
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 3.680%
Interest already paid$48,729Through Nov 2026
Assumption only · ends Jun 2046$58,141
Assumption + second · ends Jun 2046, second Dec 2056$489,231
New conventional · ends Dec 2056$579,967