Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,367/mo
Lowest payment- Down payment
- $355,481
- Funds due
- $367,694
- Interest + MI left
- $87,571
- First ends
- Jan 2048
Assumption
Assumption + second
$3,552/mo
+$2,185/mo- Down payment
- $50,481
- Funds due
- $64,073
- Interest + MI left
- $569,192
- First ends
- Jan 2048
New loan
New conventional
$3,604/mo
+$2,237/mo- Down payment
- $50,481
- Funds due
- $60,540
- Interest + MI left
- $681,484
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $144,419 | $144,419 | $449,419 |
| Second mortgage | — | $305,000 | — |
| First P&I | $839.13 | $839.13 | $3,111.69 |
| Second P&I | — | $2,185.06 | — |
| Mortgage insurance | $125.41 | $125.41 | $89.88 |
| Taxes, insurance & HOA | $402.67 | $402.67 | $402.67 |
| Total housing payment | $1,367.20 | $3,552.26 | $3,604.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,481
Closing costs & prepaids$13,593
Usable credit−$0
Total buyer cash needed$64,073
Earnest money paid−$0
Remaining funds due$64,073
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$708.00
Prepaid interest, first (2 days)$31.18
Prepaid interest, second (2 days)$129.52
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 closing21 yr 2 moOf the original 30-year loan at 3.940%
Interest already paid$56,322Through Nov 2026
Assumption only · ends Jan 2048$87,571
Assumption + second · ends Jan 2048, second Dec 2056$569,192
New conventional · ends Dec 2056$681,484