Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$644/mo
Lowest payment- Down payment
- $298,070
- Funds due
- $308,041
- Interest + MI left
- $28,401
- First ends
- Nov 2043
Assumption
Assumption + second
$2,528/mo
+$1,884/mo- Down payment
- $35,070
- Funds due
- $46,347
- Interest + MI left
- $443,701
- First ends
- Nov 2043
New loan
New conventional
$2,472/mo
+$1,828/mo- Down payment
- $35,070
- Funds due
- $42,948
- Interest + MI left
- $476,854
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $51,430 | $51,430 | $314,430 |
| Second mortgage | — | $263,000 | — |
| First P&I | $361.44 | $361.44 | $2,177.05 |
| Second P&I | — | $1,884.16 | — |
| Mortgage insurance | $50.47 | $50.47 | $62.89 |
| Taxes, insurance & HOA | $231.67 | $231.67 | $231.67 |
| Total housing payment | $643.57 | $2,527.74 | $2,471.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,070
Closing costs & prepaids$11,277
Usable credit−$0
Total buyer cash needed$46,347
Earnest money paid−$0
Remaining funds due$46,347
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,495.00
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)$245.00
Prepaid interest, first (1 days)$6.35
Prepaid interest, second (1 days)$55.84
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 closing17 yrOf the original 30-year loan at 4.510%
Interest already paid$36,564Through Nov 2026
Assumption only · ends Nov 2043$28,401
Assumption + second · ends Nov 2043, second Dec 2056$443,701
New conventional · ends Dec 2056$476,854