Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$616/mo
Lowest payment- Down payment
- $279,863
- Funds due
- $289,732
- Interest + MI left
- $28,306
- First ends
- Sep 2046
Assumption
Assumption + second
$2,379/mo
+$1,762/mo- Down payment
- $33,863
- Funds due
- $45,087
- Interest + MI left
- $416,761
- First ends
- Sep 2046
New loan
New conventional
$2,390/mo
+$1,773/mo- Down payment
- $33,863
- Funds due
- $41,705
- Interest + MI left
- $456,634
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $55,137 | $55,137 | $301,137 |
| Second mortgage | — | $246,000 | — |
| First P&I | $321.06 | $321.06 | $2,085.01 |
| Second P&I | — | $1,762.37 | — |
| Mortgage insurance | $50.77 | $50.77 | $60.23 |
| Taxes, insurance & HOA | $244.50 | $244.50 | $244.50 |
| Total housing payment | $616.33 | $2,378.71 | $2,389.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,863
Closing costs & prepaids$11,223
Usable credit−$0
Total buyer cash needed$45,087
Earnest money paid−$0
Remaining funds due$45,087
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$283.50
Prepaid interest, first (2 days)$10.51
Prepaid interest, second (2 days)$104.47
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 10 moOf the original 30-year loan at 3.480%
Interest already paid$22,629Through Nov 2026
Assumption only · ends Sep 2046$28,306
Assumption + second · ends Sep 2046, second Dec 2056$416,761
New conventional · ends Dec 2056$456,634