Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$864/mo
Lowest payment- Down payment
- $273,818
- Funds due
- $284,040
- Interest + MI left
- $41,414
- First ends
- Dec 2044
Assumption
Assumption + second
$2,569/mo
+$1,705/mo- Down payment
- $35,818
- Funds due
- $47,745
- Interest + MI left
- $417,236
- First ends
- Dec 2044
New loan
New conventional
$2,481/mo
+$1,617/mo- Down payment
- $35,818
- Funds due
- $44,360
- Interest + MI left
- $459,177
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $76,082 | $76,082 | $314,082 |
| Second mortgage | — | $238,000 | — |
| First P&I | $500.99 | $500.99 | $2,127.70 |
| Second P&I | — | $1,705.06 | — |
| Mortgage insurance | $72.92 | $72.92 | $62.82 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $863.91 | $2,568.97 | $2,480.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,818
Closing costs & prepaids$11,927
Usable credit−$0
Total buyer cash needed$47,745
Earnest money paid−$0
Remaining funds due$47,745
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$420.00
Prepaid interest, first (9 days)$78.04
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 closing18 yrOf the original 30-year loan at 4.16%
Interest already paid$45,285Through Dec 2026
Assumption only · ends Dec 2044$41,414
Assumption + second · ends Dec 2044, second Jan 2057$417,236
New conventional · ends Jan 2057$459,177