Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,088/mo
Lowest payment- Down payment
- $301,640
- Funds due
- $312,417
- Interest + MI left
- $55,477
- First ends
- Apr 2044
Assumption
Assumption + second
$2,958/mo
+$1,870/mo- Down payment
- $40,640
- Funds due
- $53,000
- Interest + MI left
- $467,618
- First ends
- Apr 2044
New loan
New conventional
$2,816/mo
+$1,728/mo- Down payment
- $40,640
- Funds due
- $49,562
- Interest + MI left
- $525,226
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $98,260 | $98,260 | $359,260 |
| Second mortgage | — | $261,000 | — |
| First P&I | $682.74 | $682.74 | $2,433.75 |
| Second P&I | — | $1,869.84 | — |
| Mortgage insurance | $95.11 | $95.11 | $71.85 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $1,087.85 | $2,957.69 | $2,815.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,640
Closing costs & prepaids$12,360
Usable credit−$0
Total buyer cash needed$53,000
Earnest money paid−$0
Remaining funds due$53,000
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$480.00
Prepaid interest, first (6 days)$73.17
Prepaid interest, second (6 days)$332.51
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 closing17 yr 4 moOf the original 30-year loan at 4.53%
Interest already paid$67,763Through Dec 2026
Assumption only · ends Apr 2044$55,477
Assumption + second · ends Apr 2044, second Jan 2057$467,618
New conventional · ends Jan 2057$525,226