Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,236/mo
Lowest payment- Down payment
- $312,349
- Funds due
- $325,509
- Interest + MI left
- $189,861
- First ends
- Sep 2048
Assumption
Assumption + second
$4,056/mo
+$1,820/mo- Down payment
- $58,349
- Funds due
- $73,083
- Interest + MI left
- $590,948
- First ends
- Sep 2048
New loan
New conventional
$4,029/mo
+$1,793/mo- Down payment
- $58,349
- Funds due
- $69,540
- Interest + MI left
- $761,278
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,651 | $266,651 | $520,651 |
| Second mortgage | — | $254,000 | — |
| First P&I | $1,613.95 | $1,613.95 | $3,527.07 |
| Second P&I | — | $1,819.69 | — |
| Mortgage insurance | $223.79 | $223.79 | $104.13 |
| Taxes, insurance & HOA | $398.25 | $398.25 | $398.25 |
| Total housing payment | $2,235.99 | $4,055.68 | $4,029.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,349
Closing costs & prepaids$14,734
Usable credit−$0
Total buyer cash needed$73,083
Earnest money paid−$0
Remaining funds due$73,083
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,790.00
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)$694.75
Prepaid interest, first (6 days)$200.32
Prepaid interest, second (6 days)$323.59
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 closing21 yr 9 moOf the original 30-year loan at 4.57%
Interest already paid$110,499Through Dec 2026
Assumption only · ends Sep 2048$189,861
Assumption + second · ends Sep 2048, second Jan 2057$590,948
New conventional · ends Jan 2057$761,278