Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,258/mo
Lowest payment- Down payment
- $340,206
- Funds due
- $351,891
- Interest + MI left
- $53,159
- First ends
- Sep 2043
Assumption
Assumption + second
$3,364/mo
+$2,106/mo- Down payment
- $46,206
- Funds due
- $59,515
- Interest + MI left
- $517,410
- First ends
- Sep 2043
New loan
New conventional
$3,229/mo
+$1,972/mo- Down payment
- $46,206
- Funds due
- $56,047
- Interest + MI left
- $603,573
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,794 | $118,794 | $412,794 |
| Second mortgage | — | $294,000 | — |
| First P&I | $784.30 | $784.30 | $2,796.41 |
| Second P&I | — | $2,106.25 | — |
| Mortgage insurance | $123.10 | $123.10 | $82.56 |
| Taxes, insurance & HOA | $350.25 | $350.25 | $350.25 |
| Total housing payment | $1,257.65 | $3,363.90 | $3,229.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,206
Closing costs & prepaids$13,309
Usable credit−$0
Total buyer cash needed$59,515
Earnest money paid−$0
Remaining funds due$59,515
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,590.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$550.75
Prepaid interest, first (6 days)$69.13
Prepaid interest, second (6 days)$374.55
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 9 moOf the original 30-year loan at 3.54%
Interest already paid$69,704Through Dec 2026
Assumption only · ends Sep 2043$53,159
Assumption + second · ends Sep 2043, second Jan 2057$517,410
New conventional · ends Jan 2057$603,573