Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,285/mo
Lowest payment- Down payment
- $281,658
- Funds due
- $292,801
- Interest + MI left
- $84,378
- First ends
- Dec 2047
Assumption
Assumption + second
$2,990/mo
+$1,705/mo- Down payment
- $43,658
- Funds due
- $56,505
- Interest + MI left
- $460,200
- First ends
- Dec 2047
New loan
New conventional
$2,994/mo
+$1,710/mo- Down payment
- $43,658
- Funds due
- $53,108
- Interest + MI left
- $560,433
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $145,342 | $145,342 | $383,342 |
| Second mortgage | — | $238,000 | — |
| First P&I | $836.50 | $836.50 | $2,596.89 |
| Second P&I | — | $1,705.06 | — |
| Mortgage insurance | $127.47 | $127.47 | $76.67 |
| Taxes, insurance & HOA | $320.83 | $320.83 | $320.83 |
| Total housing payment | $1,284.81 | $2,989.87 | $2,994.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,658
Closing costs & prepaids$12,848
Usable credit−$0
Total buyer cash needed$56,505
Earnest money paid−$0
Remaining funds due$56,505
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,270.00
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)$512.50
Prepaid interest, first (9 days)$135.47
Prepaid interest, second (9 days)$454.81
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 3.78%
Interest already paid$55,722Through Dec 2026
Assumption only · ends Dec 2047$84,378
Assumption + second · ends Dec 2047, second Jan 2057$460,200
New conventional · ends Jan 2057$560,433