Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,166/mo
Lowest payment- Down payment
- $312,607
- Funds due
- $323,587
- Interest + MI left
- $45,010
- First ends
- Jan 2043
Assumption
Assumption + second
$3,100/mo
+$1,934/mo- Down payment
- $42,607
- Funds due
- $54,894
- Interest + MI left
- $471,363
- First ends
- Jan 2043
New loan
New conventional
$3,020/mo
+$1,854/mo- Down payment
- $42,607
- Funds due
- $51,427
- Interest + MI left
- $572,266
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,393 | $107,393 | $377,393 |
| Second mortgage | — | $270,000 | — |
| First P&I | $719.28 | $719.28 | $2,612.99 |
| Second P&I | — | $1,934.31 | — |
| Mortgage insurance | $115.17 | $115.17 | $75.48 |
| Taxes, insurance & HOA | $331.42 | $331.42 | $331.42 |
| Total housing payment | $1,165.87 | $3,100.18 | $3,019.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,607
Closing costs & prepaids$12,287
Usable credit−$0
Total buyer cash needed$54,894
Earnest money paid−$0
Remaining funds due$54,894
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)$544.25
Prepaid interest, first (1 days)$9.94
Prepaid interest, second (1 days)$57.33
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing16 yr 2 moOf the original 30-year loan at 3.380%
Interest already paid$64,197Through Nov 2026
Assumption only · ends Jan 2043$45,010
Assumption + second · ends Jan 2043, second Dec 2056$471,363
New conventional · ends Dec 2056$572,266