Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$787/mo
Lowest payment- Down payment
- $272,164
- Funds due
- $282,209
- Interest + MI left
- $34,156
- First ends
- Nov 2043
Assumption
Assumption + second
$2,492/mo
+$1,705/mo- Down payment
- $34,164
- Funds due
- $45,913
- Interest + MI left
- $409,978
- First ends
- Nov 2043
New loan
New conventional
$2,381/mo
+$1,595/mo- Down payment
- $34,164
- Funds due
- $42,531
- Interest + MI left
- $439,666
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $62,736 | $62,736 | $300,736 |
| Second mortgage | — | $238,000 | — |
| First P&I | $440.70 | $440.70 | $2,037.29 |
| Second P&I | — | $1,705.06 | — |
| Mortgage insurance | $61.90 | $61.90 | $60.15 |
| Taxes, insurance & HOA | $284.00 | $284.00 | $284.00 |
| Total housing payment | $786.60 | $2,491.66 | $2,381.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,164
Closing costs & prepaids$11,750
Usable credit−$0
Total buyer cash needed$45,913
Earnest money paid−$0
Remaining funds due$45,913
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,349.00
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)$402.00
Prepaid interest, first (9 days)$68.99
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 closing16 yr 11 moOf the original 30-year loan at 4.46%
Interest already paid$44,540Through Dec 2026
Assumption only · ends Nov 2043$34,156
Assumption + second · ends Nov 2043, second Jan 2057$409,978
New conventional · ends Jan 2057$439,666