Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,441/mo
Lowest payment- Down payment
- $276,601
- Funds due
- $287,855
- Interest + MI left
- $66,422
- First ends
- Apr 2044
Assumption
Assumption + second
$3,132/mo
+$1,691/mo- Down payment
- $40,601
- Funds due
- $53,205
- Interest + MI left
- $439,086
- First ends
- Apr 2044
New loan
New conventional
$3,044/mo
+$1,603/mo- Down payment
- $40,601
- Funds due
- $49,766
- Interest + MI left
- $544,979
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $123,398 | $123,398 | $359,398 |
| Second mortgage | — | $236,000 | — |
| First P&I | $837.29 | $837.29 | $2,488.40 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | $120.42 | $120.42 | $71.88 |
| Taxes, insurance & HOA | $483.33 | $483.33 | $483.33 |
| Total housing payment | $1,441.04 | $3,131.78 | $3,043.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,601
Closing costs & prepaids$12,604
Usable credit−$0
Total buyer cash needed$53,205
Earnest money paid−$0
Remaining funds due$53,205
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.99
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)$1,000.00
Prepaid interest, first (2 days)$28.80
Prepaid interest, second (2 days)$100.22
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 closing17 yr 5 moOf the original 30-year loan at 4.260%
Interest already paid$79,829Through Nov 2026
Assumption only · ends Apr 2044$66,422
Assumption + second · ends Apr 2044, second Dec 2056$439,086
New conventional · ends Dec 2056$544,979