Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,542/mo
Lowest payment- Down payment
- $389,961
- Funds due
- $402,927
- Interest + MI left
- $63,333
- First ends
- Apr 2046
Assumption
Assumption + second
$3,921/mo
+$2,378/mo- Down payment
- $57,961
- Funds due
- $72,318
- Interest + MI left
- $587,589
- First ends
- Apr 2046
New loan
New conventional
$4,090/mo
+$2,547/mo- Down payment
- $57,961
- Funds due
- $68,735
- Interest + MI left
- $784,124
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,039 | $185,039 | $517,039 |
| Second mortgage | — | $332,000 | — |
| First P&I | $976.53 | $976.53 | $3,579.87 |
| Second P&I | — | $2,378.49 | — |
| Mortgage insurance | $159.51 | $159.51 | $103.41 |
| Taxes, insurance & HOA | $406.33 | $406.33 | $406.33 |
| Total housing payment | $1,542.37 | $3,920.86 | $4,089.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,961
Closing costs & prepaids$14,357
Usable credit−$0
Total buyer cash needed$72,318
Earnest money paid−$0
Remaining funds due$72,318
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$719.00
Prepaid interest, first (2 days)$22.31
Prepaid interest, second (2 days)$140.99
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 5 moOf the original 25-year loan at 2.200%
Interest already paid$25,282Through Nov 2026
Assumption only · ends Apr 2046$63,333
Assumption + second · ends Apr 2046, second Dec 2056$587,589
New conventional · ends Dec 2056$784,124