Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,048/mo
Lowest payment- Down payment
- $278,584
- Funds due
- $289,065
- Interest + MI left
- $42,578
- First ends
- May 2043
Assumption
Assumption + second
$2,775/mo
+$1,727/mo- Down payment
- $37,584
- Funds due
- $49,622
- Interest + MI left
- $423,137
- First ends
- May 2043
New loan
New conventional
$2,653/mo
+$1,605/mo- Down payment
- $37,584
- Funds due
- $46,231
- Interest + MI left
- $493,358
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $96,416 | $96,416 | $337,416 |
| Second mortgage | — | $241,000 | — |
| First P&I | $647.00 | $647.00 | $2,285.77 |
| Second P&I | — | $1,726.55 | — |
| Mortgage insurance | $101.30 | $101.30 | $67.48 |
| Taxes, insurance & HOA | $300.00 | $300.00 | $300.00 |
| Total housing payment | $1,048.30 | $2,774.85 | $2,653.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,584
Closing costs & prepaids$12,038
Usable credit−$0
Total buyer cash needed$49,622
Earnest money paid−$0
Remaining funds due$49,622
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$450.00
Prepaid interest, first (6 days)$56.42
Prepaid interest, second (6 days)$307.03
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 3.56%
Interest already paid$58,862Through Dec 2026
Assumption only · ends May 2043$42,578
Assumption + second · ends May 2043, second Jan 2057$423,137
New conventional · ends Jan 2057$493,358