Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,300/mo
Lowest payment- Down payment
- $278,944
- Funds due
- $290,070
- Interest + MI left
- $87,897
- First ends
- Dec 2047
Assumption
Assumption + second
$2,991/mo
+$1,691/mo- Down payment
- $42,944
- Funds due
- $55,771
- Interest + MI left
- $460,561
- First ends
- Dec 2047
New loan
New conventional
$2,985/mo
+$1,684/mo- Down payment
- $42,944
- Funds due
- $52,376
- Interest + MI left
- $558,629
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $146,056 | $146,056 | $382,056 |
| Second mortgage | — | $236,000 | — |
| First P&I | $852.96 | $852.96 | $2,588.18 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | $127.47 | $127.47 | $76.41 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,300.43 | $2,991.16 | $2,984.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,944
Closing costs & prepaids$12,828
Usable credit−$0
Total buyer cash needed$55,771
Earnest money paid−$0
Remaining funds due$55,771
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Prepaid interest, first (9 days)$141.89
Prepaid interest, second (9 days)$450.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing21 yrOf the original 30-year loan at 3.94%
Interest already paid$58,213Through Dec 2026
Assumption only · ends Dec 2047$87,897
Assumption + second · ends Dec 2047, second Jan 2057$460,561
New conventional · ends Jan 2057$558,629