Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,245/mo
Lowest payment- Down payment
- $282,025
- Funds due
- $292,848
- Interest + MI left
- $75,283
- First ends
- Jun 2046
Assumption
Assumption + second
$2,957/mo
+$1,712/mo- Down payment
- $43,025
- Funds due
- $55,149
- Interest + MI left
- $452,685
- First ends
- Jun 2046
New loan
New conventional
$2,982/mo
+$1,737/mo- Down payment
- $43,025
- Funds due
- $51,681
- Interest + MI left
- $579,214
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $142,975 | $142,975 | $381,975 |
| Second mortgage | — | $239,000 | — |
| First P&I | $851.68 | $851.68 | $2,644.72 |
| Second P&I | — | $1,712.23 | — |
| Mortgage insurance | $132.04 | $132.04 | $76.40 |
| Taxes, insurance & HOA | $261.33 | $261.33 | $261.33 |
| Total housing payment | $1,245.05 | $2,957.28 | $2,982.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,025
Closing costs & prepaids$12,124
Usable credit−$0
Total buyer cash needed$55,149
Earnest money paid−$0
Remaining funds due$55,149
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)$334.00
Prepaid interest, first (1 days)$14.26
Prepaid interest, second (1 days)$50.75
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 3.640%
Interest already paid$63,029Through Nov 2026
Assumption only · ends Jun 2046$75,283
Assumption + second · ends Jun 2046, second Dec 2056$452,685
New conventional · ends Dec 2056$579,214