Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$848/mo
Lowest payment- Down payment
- $297,574
- Funds due
- $308,800
- Interest + MI left
- $3,023
- First ends
- Jan 2046
Assumption
Assumption + second
$2,761/mo
+$1,913/mo- Down payment
- $30,574
- Funds due
- $43,164
- Interest + MI left
- $424,639
- First ends
- Jan 2046
New loan
New conventional
$2,755/mo
+$1,907/mo- Down payment
- $30,574
- Funds due
- $39,805
- Interest + MI left
- $416,185
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $7,426 | $7,426 | $274,426 |
| Second mortgage | — | $267,000 | — |
| First P&I | $41.79 | $41.79 | $1,900.07 |
| Second P&I | — | $1,912.82 | — |
| Mortgage insurance | $6.38 | $6.38 | $54.89 |
| Taxes, insurance & HOA | $800.00 | $800.00 | $800.00 |
| Total housing payment | $848.17 | $2,760.99 | $2,754.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,574
Closing costs & prepaids$12,590
Usable credit−$0
Total buyer cash needed$43,164
Earnest money paid−$0
Remaining funds due$43,164
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
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)$1,950.00
Prepaid interest, first (2 days)$1.14
Prepaid interest, second (2 days)$113.38
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 closing19 yr 2 moOf the original 25-year loan at 2.810%
Interest already paid$1,352Through Nov 2026
Assumption only · ends Jan 2046$3,023
Assumption + second · ends Jan 2046, second Dec 2056$424,639
New conventional · ends Dec 2056$416,185