Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,165/mo
Lowest payment- Down payment
- $280,477
- Funds due
- $291,265
- Interest + MI left
- $34,545
- First ends
- Feb 2041
Assumption
Assumption + second
$2,913/mo
+$1,748/mo- Down payment
- $36,477
- Funds due
- $48,774
- Interest + MI left
- $419,841
- First ends
- Feb 2041
New loan
New conventional
$2,712/mo
+$1,548/mo- Down payment
- $36,477
- Funds due
- $45,373
- Interest + MI left
- $473,044
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $79,523 | $79,523 | $323,523 |
| Second mortgage | — | $244,000 | — |
| First P&I | $618.28 | $618.28 | $2,191.66 |
| Second P&I | — | $1,748.05 | — |
| Mortgage insurance | $90.42 | $90.42 | $64.70 |
| Taxes, insurance & HOA | $456.00 | $456.00 | $456.00 |
| Total housing payment | $1,164.70 | $2,912.75 | $2,712.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,477
Closing costs & prepaids$12,297
Usable credit−$0
Total buyer cash needed$48,774
Earnest money paid−$0
Remaining funds due$48,774
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$918.00
Prepaid interest, first (5 days)$44.88
Prepaid interest, second (5 days)$259.04
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing14 yr 2 moOf the original 30-year loan at 4.12%
Interest already paid$69,347Through Dec 2026
Assumption only · ends Feb 2041$34,545
Assumption + second · ends Feb 2041, second Jan 2057$419,841
New conventional · ends Jan 2057$473,044