Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$925/mo
Lowest payment- Down payment
- $330,495
- Funds due
- $341,476
- Interest + MI left
- $45,595
- First ends
- Aug 2046
Assumption
Assumption + second
$2,988/mo
+$2,063/mo- Down payment
- $42,495
- Funds due
- $55,093
- Interest + MI left
- $500,371
- First ends
- Aug 2046
New loan
New conventional
$2,951/mo
+$2,026/mo- Down payment
- $42,495
- Funds due
- $51,645
- Interest + MI left
- $551,975
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $89,505 | $89,505 | $377,505 |
| Second mortgage | — | $288,000 | — |
| First P&I | $524.26 | $524.26 | $2,557.35 |
| Second P&I | — | $2,063.27 | — |
| Mortgage insurance | $82.90 | $82.90 | $75.50 |
| Taxes, insurance & HOA | $318.00 | $318.00 | $318.00 |
| Total housing payment | $925.16 | $2,988.43 | $2,950.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,495
Closing costs & prepaids$12,597
Usable credit−$0
Total buyer cash needed$55,093
Earnest money paid−$0
Remaining funds due$55,093
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$504.00
Prepaid interest, first (6 days)$51.20
Prepaid interest, second (6 days)$366.90
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 8 moOf the original 30-year loan at 3.48%
Interest already paid$37,472Through Dec 2026
Assumption only · ends Aug 2046$45,595
Assumption + second · ends Aug 2046, second Jan 2057$500,371
New conventional · ends Jan 2057$551,975