Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$930/mo
Lowest payment- Down payment
- $270,782
- Funds due
- $280,914
- Interest + MI left
- $38,974
- First ends
- Jul 2043
Assumption
Assumption + second
$2,607/mo
+$1,676/mo- Down payment
- $36,782
- Funds due
- $48,214
- Interest + MI left
- $408,479
- First ends
- Jul 2043
New loan
New conventional
$2,552/mo
+$1,622/mo- Down payment
- $36,782
- Funds due
- $44,804
- Interest + MI left
- $490,117
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $89,218 | $89,218 | $323,218 |
| Second mortgage | — | $234,000 | — |
| First P&I | $587.19 | $587.19 | $2,237.90 |
| Second P&I | — | $1,676.40 | — |
| Mortgage insurance | $93.20 | $93.20 | $64.64 |
| Taxes, insurance & HOA | $249.75 | $249.75 | $249.75 |
| Total housing payment | $930.14 | $2,606.55 | $2,552.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,782
Closing costs & prepaids$11,432
Usable credit−$0
Total buyer cash needed$48,214
Earnest money paid−$0
Remaining funds due$48,214
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$299.25
Prepaid interest, first (1 days)$8.43
Prepaid interest, second (1 days)$49.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 8 moOf the original 30-year loan at 3.450%
Interest already paid$51,588Through Nov 2026
Assumption only · ends Jul 2043$38,974
Assumption + second · ends Jul 2043, second Dec 2056$408,479
New conventional · ends Dec 2056$490,117