Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$956/mo
Lowest payment- Down payment
- $260,234
- Funds due
- $270,392
- Interest + MI left
- $54,857
- First ends
- Apr 2046
Assumption
Assumption + second
$2,560/mo
+$1,605/mo- Down payment
- $36,234
- Funds due
- $47,737
- Interest + MI left
- $408,572
- First ends
- Apr 2046
New loan
New conventional
$2,560/mo
+$1,605/mo- Down payment
- $36,234
- Funds due
- $44,340
- Interest + MI left
- $491,013
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $99,766 | $99,766 | $323,766 |
| Second mortgage | — | $224,000 | — |
| First P&I | $609.67 | $609.67 | $2,241.69 |
| Second P&I | — | $1,604.76 | — |
| Mortgage insurance | $91.89 | $91.89 | $64.75 |
| Taxes, insurance & HOA | $254.00 | $254.00 | $254.00 |
| Total housing payment | $955.57 | $2,560.33 | $2,560.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,234
Closing costs & prepaids$11,503
Usable credit−$0
Total buyer cash needed$47,737
Earnest money paid−$0
Remaining funds due$47,737
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$312.00
Prepaid interest, first (2 days)$21.16
Prepaid interest, second (2 days)$95.12
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 30-year loan at 3.870%
Interest already paid$47,463Through Nov 2026
Assumption only · ends Apr 2046$54,857
Assumption + second · ends Apr 2046, second Dec 2056$408,572
New conventional · ends Dec 2056$491,013