Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$800/mo
Lowest payment- Down payment
- $320,231
- Funds due
- $330,824
- Interest + MI left
- $28,669
- First ends
- Aug 2043
Assumption
Assumption + second
$2,813/mo
+$2,013/mo- Down payment
- $39,231
- Funds due
- $51,611
- Interest + MI left
- $472,391
- First ends
- Aug 2043
New loan
New conventional
$2,716/mo
+$1,916/mo- Down payment
- $39,231
- Funds due
- $48,188
- Interest + MI left
- $505,502
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $64,769 | $64,769 | $345,769 |
| Second mortgage | — | $281,000 | — |
| First P&I | $428.22 | $428.22 | $2,342.36 |
| Second P&I | — | $2,013.12 | — |
| Mortgage insurance | $67.46 | $67.46 | $69.15 |
| Taxes, insurance & HOA | $304.00 | $304.00 | $304.00 |
| Total housing payment | $799.68 | $2,812.80 | $2,715.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,231
Closing costs & prepaids$12,380
Usable credit−$0
Total buyer cash needed$51,611
Earnest money paid−$0
Remaining funds due$51,611
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$462.00
Prepaid interest, first (9 days)$56.06
Prepaid interest, second (9 days)$536.98
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 3.51%
Interest already paid$38,041Through Dec 2026
Assumption only · ends Aug 2043$28,669
Assumption + second · ends Aug 2043, second Jan 2057$472,391
New conventional · ends Jan 2057$505,502