Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,555/mo
Lowest payment- Down payment
- $339,900
- Funds due
- $349,939
- Interest + MI left
- $0
- First ends
- Jul 2023
Assumption
Assumption + second
$3,740/mo
+$2,185/mo- Down payment
- $34,900
- Funds due
- $46,319
- Interest + MI left
- $481,621
- First ends
- Jul 2023
New loan
New conventional
$2,461/mo
+$907/mo- Down payment
- $34,900
- Funds due
- $42,914
- Interest + MI left
- $462,431
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $0 | $0 | $305,000 |
| Second mortgage | — | $305,000 | — |
| First P&I | $1,165.02 | $1,165.02 | $2,111.76 |
| Second P&I | — | $2,185.06 | — |
| Mortgage insurance | $101.00 | $101.00 | $61.00 |
| Taxes, insurance & HOA | $288.50 | $288.50 | $288.50 |
| Total housing payment | $1,554.52 | $3,739.58 | $2,461.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,900
Closing costs & prepaids$11,419
Usable credit−$0
Total buyer cash needed$46,319
Earnest money paid−$0
Remaining funds due$46,319
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$415.50
Prepaid interest, first (2 days)$0.00
Prepaid interest, second (2 days)$129.52
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing0 moOf the original 15-year loan at 5.500%
Interest already paid$67,121Through Jul 2023
Assumption only · ends Jul 2023$0
Assumption + second · ends Jul 2023, second Dec 2056$481,621
New conventional · ends Dec 2056$462,431