Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,602/mo
Lowest payment- Down payment
- $298,493
- Funds due
- $310,179
- Interest + MI left
- $85,209
- First ends
- Nov 2043
Assumption
Assumption + second
$3,408/mo
+$1,805/mo- Down payment
- $46,493
- Funds due
- $59,750
- Interest + MI left
- $483,138
- First ends
- Nov 2043
New loan
New conventional
$3,198/mo
+$1,595/mo- Down payment
- $46,493
- Funds due
- $56,281
- Interest + MI left
- $597,223
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $156,507 | $156,507 | $408,507 |
| Second mortgage | — | $252,000 | — |
| First P&I | $1,099.41 | $1,099.41 | $2,767.37 |
| Second P&I | — | $1,805.36 | — |
| Mortgage insurance | $154.42 | $154.42 | $81.70 |
| Taxes, insurance & HOA | $348.67 | $348.67 | $348.67 |
| Total housing payment | $1,602.49 | $3,407.85 | $3,197.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,493
Closing costs & prepaids$13,257
Usable credit−$0
Total buyer cash needed$59,750
Earnest money paid−$0
Remaining funds due$59,750
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,550.00
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)$546.00
Prepaid interest, first (6 days)$114.74
Prepaid interest, second (6 days)$321.04
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 11 moOf the original 30-year loan at 4.46%
Interest already paid$111,112Through Dec 2026
Assumption only · ends Nov 2043$85,209
Assumption + second · ends Nov 2043, second Jan 2057$483,138
New conventional · ends Jan 2057$597,223