Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,019/mo
Lowest payment- Down payment
- $252,399
- Funds due
- $262,470
- Interest + MI left
- $52,433
- First ends
- Apr 2044
Assumption
Assumption + second
$2,573/mo
+$1,555/mo- Down payment
- $35,399
- Funds due
- $46,766
- Interest + MI left
- $395,094
- First ends
- Apr 2044
New loan
New conventional
$2,503/mo
+$1,484/mo- Down payment
- $35,399
- Funds due
- $43,368
- Interest + MI left
- $477,051
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $97,601 | $97,601 | $314,601 |
| Second mortgage | — | $217,000 | — |
| First P&I | $661.75 | $661.75 | $2,178.23 |
| Second P&I | — | $1,554.61 | — |
| Mortgage insurance | $95.28 | $95.28 | $62.92 |
| Taxes, insurance & HOA | $261.50 | $261.50 | $261.50 |
| Total housing payment | $1,018.53 | $2,573.15 | $2,502.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,399
Closing costs & prepaids$11,367
Usable credit−$0
Total buyer cash needed$46,766
Earnest money paid−$0
Remaining funds due$46,766
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$334.50
Prepaid interest, first (1 days)$11.36
Prepaid interest, second (1 days)$46.08
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 5 moOf the original 30-year loan at 4.250%
Interest already paid$63,007Through Nov 2026
Assumption only · ends Apr 2044$52,433
Assumption + second · ends Apr 2044, second Dec 2056$395,094
New conventional · ends Dec 2056$477,051