Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$700/mo
Lowest payment- Down payment
- $266,039
- Funds due
- $275,747
- Interest + MI left
- $28,125
- First ends
- May 2043
Assumption
Assumption + second
$2,370/mo
+$1,669/mo- Down payment
- $33,039
- Funds due
- $44,096
- Interest + MI left
- $396,052
- First ends
- May 2043
New loan
New conventional
$2,322/mo
+$1,622/mo- Down payment
- $33,039
- Funds due
- $40,725
- Interest + MI left
- $450,361
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $63,961 | $63,961 | $296,961 |
| Second mortgage | — | $233,000 | — |
| First P&I | $426.33 | $426.33 | $2,056.10 |
| Second P&I | — | $1,669.24 | — |
| Mortgage insurance | $67.08 | $67.08 | $59.39 |
| Taxes, insurance & HOA | $206.92 | $206.92 | $206.92 |
| Total housing payment | $700.34 | $2,369.58 | $2,322.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,039
Closing costs & prepaids$11,057
Usable credit−$0
Total buyer cash needed$44,096
Earnest money paid−$0
Remaining funds due$44,096
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$170.75
Prepaid interest, first (2 days)$12.34
Prepaid interest, second (2 days)$98.95
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 closing16 yr 6 moOf the original 30-year loan at 3.520%
Interest already paid$38,320Through Nov 2026
Assumption only · ends May 2043$28,125
Assumption + second · ends May 2043, second Dec 2056$396,052
New conventional · ends Dec 2056$450,361