Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$906/mo
Lowest payment- Down payment
- $323,076
- Funds due
- $333,777
- Interest + MI left
- $60,057
- First ends
- Sep 2047
Assumption
Assumption + second
$2,912/mo
+$2,006/mo- Down payment
- $43,076
- Funds due
- $55,086
- Interest + MI left
- $502,201
- First ends
- Sep 2047
New loan
New conventional
$2,942/mo
+$2,036/mo- Down payment
- $43,076
- Funds due
- $51,612
- Interest + MI left
- $579,137
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $101,924 | $101,924 | $381,924 |
| Second mortgage | — | $280,000 | — |
| First P&I | $595.06 | $595.06 | $2,644.36 |
| Second P&I | — | $2,005.95 | — |
| Mortgage insurance | $89.58 | $89.58 | $76.38 |
| Taxes, insurance & HOA | $221.58 | $221.58 | $221.58 |
| Total housing payment | $906.22 | $2,912.17 | $2,942.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,076
Closing costs & prepaids$12,010
Usable credit−$0
Total buyer cash needed$55,086
Earnest money paid−$0
Remaining funds due$55,086
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)$214.75
Prepaid interest, first (1 days)$10.83
Prepaid interest, second (1 days)$59.45
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 10 moOf the original 30-year loan at 3.880%
Interest already paid$40,913Through Nov 2026
Assumption only · ends Sep 2047$60,057
Assumption + second · ends Sep 2047, second Dec 2056$502,201
New conventional · ends Dec 2056$579,137