Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,172/mo
Lowest payment- Down payment
- $311,263
- Funds due
- $322,465
- Interest + MI left
- $38,504
- First ends
- Dec 2042
Assumption
Assumption + second
$3,114/mo
+$1,941/mo- Down payment
- $40,263
- Funds due
- $52,773
- Interest + MI left
- $466,436
- First ends
- Dec 2042
New loan
New conventional
$3,036/mo
+$1,863/mo- Down payment
- $40,263
- Funds due
- $49,327
- Interest + MI left
- $545,565
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $88,737 | $88,737 | $359,737 |
| Second mortgage | — | $271,000 | — |
| First P&I | $604.56 | $604.56 | $2,490.75 |
| Second P&I | — | $1,941.48 | — |
| Mortgage insurance | $94.66 | $94.66 | $71.95 |
| Taxes, insurance & HOA | $472.83 | $472.83 | $472.83 |
| Total housing payment | $1,172.05 | $3,113.53 | $3,035.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,263
Closing costs & prepaids$12,510
Usable credit−$0
Total buyer cash needed$52,773
Earnest money paid−$0
Remaining funds due$52,773
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$968.50
Prepaid interest, first (1 days)$8.65
Prepaid interest, second (1 days)$57.54
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 1 moOf the original 30-year loan at 3.560%
Interest already paid$56,065Through Nov 2026
Assumption only · ends Dec 2042$38,504
Assumption + second · ends Dec 2042, second Dec 2056$466,436
New conventional · ends Dec 2056$545,565