Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$970/mo
Lowest payment- Down payment
- $260,112
- Funds due
- $270,322
- Interest + MI left
- $38,661
- First ends
- Jul 2043
Assumption
Assumption + second
$2,582/mo
+$1,612/mo- Down payment
- $35,112
- Funds due
- $47,002
- Interest + MI left
- $393,955
- First ends
- Jul 2043
New loan
New conventional
$2,479/mo
+$1,509/mo- Down payment
- $35,112
- Funds due
- $43,650
- Interest + MI left
- $458,956
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $88,888 | $88,888 | $313,888 |
| Second mortgage | — | $225,000 | — |
| First P&I | $587.19 | $587.19 | $2,126.39 |
| Second P&I | — | $1,611.93 | — |
| Mortgage insurance | $93.20 | $93.20 | $62.78 |
| Taxes, insurance & HOA | $289.58 | $289.58 | $289.58 |
| Total housing payment | $969.98 | $2,581.91 | $2,478.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,112
Closing costs & prepaids$11,889
Usable credit−$0
Total buyer cash needed$47,002
Earnest money paid−$0
Remaining funds due$47,002
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,490.00
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)$418.75
Prepaid interest, first (9 days)$75.62
Prepaid interest, second (9 days)$429.97
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 7 moOf the original 30-year loan at 3.45%
Interest already paid$51,845Through Dec 2026
Assumption only · ends Jul 2043$38,661
Assumption + second · ends Jul 2043, second Jan 2057$393,955
New conventional · ends Jan 2057$458,956