Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,211/mo
Lowest payment- Down payment
- $330,982
- Funds due
- $342,257
- Interest + MI left
- $50,026
- First ends
- May 2043
Assumption
Assumption + second
$3,260/mo
+$2,049/mo- Down payment
- $44,982
- Funds due
- $57,871
- Interest + MI left
- $501,644
- First ends
- May 2043
New loan
New conventional
$3,118/mo
+$1,906/mo- Down payment
- $44,982
- Funds due
- $54,413
- Interest + MI left
- $584,892
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $114,018 | $114,018 | $400,018 |
| Second mortgage | — | $286,000 | — |
| First P&I | $763.41 | $763.41 | $2,709.86 |
| Second P&I | — | $2,048.94 | — |
| Mortgage insurance | $119.97 | $119.97 | $80.00 |
| Taxes, insurance & HOA | $328.00 | $328.00 | $328.00 |
| Total housing payment | $1,211.38 | $3,260.32 | $3,117.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,982
Closing costs & prepaids$12,890
Usable credit−$0
Total buyer cash needed$57,871
Earnest money paid−$0
Remaining funds due$57,871
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$534.00
Prepaid interest, first (6 days)$66.16
Prepaid interest, second (6 days)$364.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 5 moOf the original 30-year loan at 3.53%
Interest already paid$69,079Through Dec 2026
Assumption only · ends May 2043$50,026
Assumption + second · ends May 2043, second Jan 2057$501,644
New conventional · ends Jan 2057$584,892