Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$975/mo
Lowest payment- Down payment
- $344,715
- Funds due
- $355,677
- Interest + MI left
- $35,389
- First ends
- Nov 2041
Assumption
Assumption + second
$3,138/mo
+$2,164/mo- Down payment
- $42,715
- Funds due
- $54,991
- Interest + MI left
- $512,272
- First ends
- Nov 2041
New loan
New conventional
$3,014/mo
+$2,039/mo- Down payment
- $42,715
- Funds due
- $51,518
- Interest + MI left
- $572,103
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $75,285 | $75,285 | $377,285 |
| Second mortgage | — | $302,000 | — |
| First P&I | $567.12 | $567.12 | $2,612.25 |
| Second P&I | — | $2,163.56 | — |
| Mortgage insurance | $81.46 | $81.46 | $75.46 |
| Taxes, insurance & HOA | $326.17 | $326.17 | $326.17 |
| Total housing payment | $974.75 | $3,138.31 | $3,013.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,715
Closing costs & prepaids$12,276
Usable credit−$0
Total buyer cash needed$54,991
Earnest money paid−$0
Remaining funds due$54,991
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)$528.50
Prepaid interest, first (1 days)$8.81
Prepaid interest, second (1 days)$64.12
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 closing15 yrOf the original 30-year loan at 4.270%
Interest already paid$62,358Through Nov 2026
Assumption only · ends Nov 2041$35,389
Assumption + second · ends Nov 2041, second Dec 2056$512,272
New conventional · ends Dec 2056$572,103