Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,099/mo
Lowest payment- Down payment
- $379,984
- Funds due
- $392,055
- Interest + MI left
- $49,279
- First ends
- Nov 2046
Assumption
Assumption + second
$3,463/mo
+$2,364/mo- Down payment
- $49,984
- Funds due
- $63,725
- Interest + MI left
- $570,377
- First ends
- Nov 2046
New loan
New conventional
$3,468/mo
+$2,370/mo- Down payment
- $49,984
- Funds due
- $60,228
- Interest + MI left
- $650,687
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $115,016 | $115,016 | $445,016 |
| Second mortgage | — | $330,000 | — |
| First P&I | $625.54 | $625.54 | $3,014.69 |
| Second P&I | — | $2,364.16 | — |
| Mortgage insurance | $108.54 | $108.54 | $89.00 |
| Taxes, insurance & HOA | $364.67 | $364.67 | $364.67 |
| Total housing payment | $1,098.74 | $3,462.90 | $3,468.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,984
Closing costs & prepaids$13,741
Usable credit−$0
Total buyer cash needed$63,725
Earnest money paid−$0
Remaining funds due$63,725
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,950.00
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)$594.00
Prepaid interest, first (6 days)$51.99
Prepaid interest, second (6 days)$420.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 11 moOf the original 30-year loan at 2.75%
Interest already paid$37,479Through Dec 2026
Assumption only · ends Nov 2046$49,279
Assumption + second · ends Nov 2046, second Jan 2057$570,377
New conventional · ends Jan 2057$650,687