Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,272/mo
Lowest payment- Down payment
- $313,420
- Funds due
- $324,618
- Interest + MI left
- $50,738
- First ends
- Jan 2043
Assumption
Assumption + second
$3,200/mo
+$1,927/mo- Down payment
- $44,420
- Funds due
- $57,382
- Interest + MI left
- $475,512
- First ends
- Jan 2043
New loan
New conventional
$3,048/mo
+$1,776/mo- Down payment
- $44,420
- Funds due
- $53,964
- Interest + MI left
- $571,014
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $121,580 | $121,580 | $390,580 |
| Second mortgage | — | $269,000 | — |
| First P&I | $817.48 | $817.48 | $2,645.92 |
| Second P&I | — | $1,927.15 | — |
| Mortgage insurance | $130.90 | $130.90 | $78.12 |
| Taxes, insurance & HOA | $324.00 | $324.00 | $324.00 |
| Total housing payment | $1,272.37 | $3,199.52 | $3,048.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,420
Closing costs & prepaids$12,962
Usable credit−$0
Total buyer cash needed$57,382
Earnest money paid−$0
Remaining funds due$57,382
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$522.00
Prepaid interest, first (9 days)$101.33
Prepaid interest, second (9 days)$514.05
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 closing16 yr 1 moOf the original 30-year loan at 3.38%
Interest already paid$73,305Through Dec 2026
Assumption only · ends Jan 2043$50,738
Assumption + second · ends Jan 2043, second Jan 2057$475,512
New conventional · ends Jan 2057$571,014