Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$803/mo
Lowest payment- Down payment
- $325,136
- Funds due
- $335,786
- Interest + MI left
- $28,899
- First ends
- Aug 2043
Assumption
Assumption + second
$2,852/mo
+$2,049/mo- Down payment
- $39,136
- Funds due
- $51,582
- Interest + MI left
- $480,517
- First ends
- Aug 2043
New loan
New conventional
$2,753/mo
+$1,950/mo- Down payment
- $39,136
- Funds due
- $48,159
- Interest + MI left
- $513,021
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $64,864 | $64,864 | $350,864 |
| Second mortgage | — | $286,000 | — |
| First P&I | $429.81 | $429.81 | $2,376.87 |
| Second P&I | — | $2,048.94 | — |
| Mortgage insurance | $67.46 | $67.46 | $70.17 |
| Taxes, insurance & HOA | $306.00 | $306.00 | $306.00 |
| Total housing payment | $803.28 | $2,852.22 | $2,753.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,136
Closing costs & prepaids$12,446
Usable credit−$0
Total buyer cash needed$51,582
Earnest money paid−$0
Remaining funds due$51,582
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$468.00
Prepaid interest, first (9 days)$56.62
Prepaid interest, second (9 days)$546.53
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 8 moOf the original 30-year loan at 3.54%
Interest already paid$38,391Through Dec 2026
Assumption only · ends Aug 2043$28,899
Assumption + second · ends Aug 2043, second Jan 2057$480,517
New conventional · ends Jan 2057$513,021