Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,005/mo
Lowest payment- Down payment
- $323,342
- Funds due
- $334,424
- Interest + MI left
- $59,669
- First ends
- Sep 2047
Assumption
Assumption + second
$3,011/mo
+$2,006/mo- Down payment
- $43,342
- Funds due
- $56,209
- Interest + MI left
- $501,813
- First ends
- Sep 2047
New loan
New conventional
$2,982/mo
+$1,977/mo- Down payment
- $43,342
- Funds due
- $52,769
- Interest + MI left
- $557,971
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $101,658 | $101,658 | $381,658 |
| Second mortgage | — | $280,000 | — |
| First P&I | $595.06 | $595.06 | $2,585.48 |
| Second P&I | — | $2,005.95 | — |
| Mortgage insurance | $89.58 | $89.58 | $76.33 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,004.64 | $3,010.59 | $2,981.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,342
Closing costs & prepaids$12,867
Usable credit−$0
Total buyer cash needed$56,209
Earnest money paid−$0
Remaining funds due$56,209
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)$97.26
Prepaid interest, second (9 days)$535.07
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 9 moOf the original 30-year loan at 3.88%
Interest already paid$41,242Through Dec 2026
Assumption only · ends Sep 2047$59,669
Assumption + second · ends Sep 2047, second Jan 2057$501,813
New conventional · ends Jan 2057$557,971