Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,345/mo
Lowest payment- Down payment
- $306,471
- Funds due
- $318,016
- Interest + MI left
- $113,315
- First ends
- Sep 2049
Assumption
Assumption + second
$3,194/mo
+$1,848/mo- Down payment
- $48,471
- Funds due
- $61,376
- Interest + MI left
- $520,719
- First ends
- Sep 2049
New loan
New conventional
$3,299/mo
+$1,954/mo- Down payment
- $48,471
- Funds due
- $57,866
- Interest + MI left
- $646,775
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $168,529 | $168,529 | $426,529 |
| Second mortgage | — | $258,000 | — |
| First P&I | $945.48 | $945.48 | $2,953.20 |
| Second P&I | — | $1,848.34 | — |
| Mortgage insurance | $139.10 | $139.10 | $85.31 |
| Taxes, insurance & HOA | $260.75 | $260.75 | $260.75 |
| Total housing payment | $1,345.33 | $3,193.67 | $3,299.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,471
Closing costs & prepaids$12,904
Usable credit−$0
Total buyer cash needed$61,376
Earnest money paid−$0
Remaining funds due$61,376
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$282.25
Prepaid interest, first (2 days)$37.58
Prepaid interest, second (2 days)$109.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing22 yr 10 moOf the original 30-year loan at 4.070%
Interest already paid$53,462Through Nov 2026
Assumption only · ends Sep 2049$113,315
Assumption + second · ends Sep 2049, second Dec 2056$520,719
New conventional · ends Dec 2056$646,775