Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$460/mo
Lowest payment- Down payment
- $308,596
- Funds due
- $318,645
- Interest + MI left
- $18,415
- First ends
- Apr 2052
Assumption
Assumption + second
$2,423/mo
+$1,963/mo- Down payment
- $34,596
- Funds due
- $46,244
- Interest + MI left
- $451,084
- First ends
- Apr 2052
New loan
New conventional
$2,416/mo
+$1,956/mo- Down payment
- $34,596
- Funds due
- $42,844
- Interest + MI left
- $446,490
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $31,404 | $31,404 | $305,404 |
| Second mortgage | — | $274,000 | — |
| First P&I | $149.42 | $149.42 | $2,068.91 |
| Second P&I | — | $1,962.97 | — |
| Mortgage insurance | $24.75 | $24.75 | $61.08 |
| Taxes, insurance & HOA | $286.00 | $286.00 | $286.00 |
| Total housing payment | $460.17 | $2,423.14 | $2,415.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,596
Closing costs & prepaids$11,648
Usable credit−$0
Total buyer cash needed$46,244
Earnest money paid−$0
Remaining funds due$46,244
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$408.00
Prepaid interest, first (6 days)$16.05
Prepaid interest, second (6 days)$349.07
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 closing25 yr 4 moOf the original 30-year loan at 3.11%
Interest already paid$4,826Through Dec 2026
Assumption only · ends Apr 2052$18,415
Assumption + second · ends Apr 2052, second Jan 2057$451,084
New conventional · ends Jan 2057$446,490