Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,856/mo
Lowest payment- Down payment
- $357,882
- Funds due
- $370,643
- Interest + MI left
- $83,192
- First ends
- Jul 2043
Assumption
Assumption + second
$4,019/mo
+$2,164/mo- Down payment
- $55,882
- Funds due
- $70,342
- Interest + MI left
- $560,075
- First ends
- Jul 2043
New loan
New conventional
$3,833/mo
+$1,977/mo- Down payment
- $55,882
- Funds due
- $66,839
- Interest + MI left
- $722,383
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $192,118 | $192,118 | $494,118 |
| Second mortgage | — | $302,000 | — |
| First P&I | $1,267.22 | $1,267.22 | $3,347.33 |
| Second P&I | — | $2,163.56 | — |
| Mortgage insurance | $201.64 | $201.64 | $98.82 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $1,855.53 | $4,019.10 | $3,832.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,882
Closing costs & prepaids$14,460
Usable credit−$0
Total buyer cash needed$70,342
Earnest money paid−$0
Remaining funds due$70,342
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Prepaid interest, first (7 days)$126.38
Prepaid interest, second (7 days)$448.86
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 7 moOf the original 30-year loan at 3.43%
Interest already paid$111,466Through Dec 2026
Assumption only · ends Jul 2043$83,192
Assumption + second · ends Jul 2043, second Jan 2057$560,075
New conventional · ends Jan 2057$722,383