Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,038/mo
Lowest payment- Down payment
- $278,625
- Funds due
- $289,031
- Interest + MI left
- $49,647
- First ends
- Sep 2043
Assumption
Assumption + second
$2,764/mo
+$1,727/mo- Down payment
- $37,625
- Funds due
- $49,383
- Interest + MI left
- $430,206
- First ends
- Sep 2043
New loan
New conventional
$2,670/mo
+$1,633/mo- Down payment
- $37,625
- Funds due
- $45,966
- Interest + MI left
- $503,851
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $91,275 | $91,275 | $332,275 |
| Second mortgage | — | $241,000 | — |
| First P&I | $644.25 | $644.25 | $2,300.60 |
| Second P&I | — | $1,726.55 | — |
| Mortgage insurance | $90.28 | $90.28 | $66.46 |
| Taxes, insurance & HOA | $303.00 | $303.00 | $303.00 |
| Total housing payment | $1,037.53 | $2,764.08 | $2,670.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,625
Closing costs & prepaids$11,758
Usable credit−$0
Total buyer cash needed$49,383
Earnest money paid−$0
Remaining funds due$49,383
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.00
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)$459.00
Prepaid interest, first (2 days)$22.41
Prepaid interest, second (2 days)$102.34
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 closing16 yr 10 moOf the original 30-year loan at 4.480%
Interest already paid$65,617Through Nov 2026
Assumption only · ends Sep 2043$49,647
Assumption + second · ends Sep 2043, second Dec 2056$430,206
New conventional · ends Dec 2056$503,851