Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,531/mo
Lowest payment- Down payment
- $267,723
- Funds due
- $279,289
- Interest + MI left
- $76,545
- First ends
- Sep 2046
Assumption
Assumption + second
$3,143/mo
+$1,612/mo- Down payment
- $42,723
- Funds due
- $55,778
- Interest + MI left
- $431,839
- First ends
- Sep 2046
New loan
New conventional
$3,137/mo
+$1,606/mo- Down payment
- $42,723
- Funds due
- $52,361
- Interest + MI left
- $551,420
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $152,177 | $152,177 | $377,177 |
| Second mortgage | — | $225,000 | — |
| First P&I | $883.28 | $883.28 | $2,555.13 |
| Second P&I | — | $1,611.93 | — |
| Mortgage insurance | $140.90 | $140.90 | $75.44 |
| Taxes, insurance & HOA | $506.92 | $506.92 | $506.92 |
| Total housing payment | $1,531.10 | $3,143.03 | $3,137.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,723
Closing costs & prepaids$13,055
Usable credit−$0
Total buyer cash needed$55,778
Earnest money paid−$0
Remaining funds due$55,778
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,199.00
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)$1,070.75
Prepaid interest, first (5 days)$71.09
Prepaid interest, second (5 days)$238.87
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 closing19 yr 9 moOf the original 30-year loan at 3.41%
Interest already paid$61,899Through Dec 2026
Assumption only · ends Sep 2046$76,545
Assumption + second · ends Sep 2046, second Jan 2057$431,839
New conventional · ends Jan 2057$551,420