Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,381/mo
Lowest payment- Down payment
- $272,067
- Funds due
- $283,260
- Interest + MI left
- $93,629
- First ends
- Nov 2047
Assumption
Assumption + second
$3,021/mo
+$1,641/mo- Down payment
- $43,067
- Funds due
- $55,948
- Interest + MI left
- $455,239
- First ends
- Nov 2047
New loan
New conventional
$3,021/mo
+$1,640/mo- Down payment
- $43,067
- Funds due
- $52,562
- Interest + MI left
- $565,760
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $157,933 | $157,933 | $386,933 |
| Second mortgage | — | $229,000 | — |
| First P&I | $920.50 | $920.50 | $2,621.22 |
| Second P&I | — | $1,640.58 | — |
| Mortgage insurance | $138.40 | $138.40 | $77.39 |
| Taxes, insurance & HOA | $322.00 | $322.00 | $322.00 |
| Total housing payment | $1,380.90 | $3,021.49 | $3,020.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,067
Closing costs & prepaids$12,880
Usable credit−$0
Total buyer cash needed$55,948
Earnest money paid−$0
Remaining funds due$55,948
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$516.00
Prepaid interest, first (9 days)$151.49
Prepaid interest, second (9 days)$437.61
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 closing20 yr 11 moOf the original 30-year loan at 3.89%
Interest already paid$62,872Through Dec 2026
Assumption only · ends Nov 2047$93,629
Assumption + second · ends Nov 2047, second Jan 2057$455,239
New conventional · ends Jan 2057$565,760