Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,931/mo
Lowest payment- Down payment
- $311,561
- Funds due
- $324,119
- Interest + MI left
- $143,237
- First ends
- Jan 2048
Assumption
Assumption + second
$3,765/mo
+$1,834/mo- Down payment
- $55,561
- Funds due
- $69,477
- Interest + MI left
- $547,483
- First ends
- Jan 2048
New loan
New conventional
$3,866/mo
+$1,935/mo- Down payment
- $55,561
- Funds due
- $65,913
- Interest + MI left
- $749,599
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,339 | $238,339 | $494,339 |
| Second mortgage | — | $256,000 | — |
| First P&I | $1,379.78 | $1,379.78 | $3,422.70 |
| Second P&I | — | $1,834.02 | — |
| Mortgage insurance | $207.21 | $207.21 | $98.87 |
| Taxes, insurance & HOA | $344.33 | $344.33 | $344.33 |
| Total housing payment | $1,931.32 | $3,765.33 | $3,865.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,561
Closing costs & prepaids$13,917
Usable credit−$0
Total buyer cash needed$69,477
Earnest money paid−$0
Remaining funds due$69,477
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,499.00
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)$533.00
Prepaid interest, first (2 days)$50.93
Prepaid interest, second (2 days)$108.71
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 3.900%
Interest already paid$92,064Through Nov 2026
Assumption only · ends Jan 2048$143,237
Assumption + second · ends Jan 2048, second Dec 2056$547,483
New conventional · ends Dec 2056$749,599