Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$686/mo
Lowest payment- Down payment
- $231,628
- Funds due
- $241,014
- Interest + MI left
- $24,369
- First ends
- Jan 2043
Assumption
Assumption + second
$2,133/mo
+$1,447/mo- Down payment
- $29,628
- Funds due
- $40,349
- Interest + MI left
- $343,344
- First ends
- Jan 2043
New loan
New conventional
$2,088/mo
+$1,402/mo- Down payment
- $29,628
- Funds due
- $37,012
- Interest + MI left
- $394,668
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $58,272 | $58,272 | $260,272 |
| Second mortgage | — | $202,000 | — |
| First P&I | $390.00 | $390.00 | $1,802.07 |
| Second P&I | — | $1,447.15 | — |
| Mortgage insurance | $62.53 | $62.53 | $52.05 |
| Taxes, insurance & HOA | $233.58 | $233.58 | $233.58 |
| Total housing payment | $686.11 | $2,133.26 | $2,087.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,628
Closing costs & prepaids$10,721
Usable credit−$0
Total buyer cash needed$40,349
Earnest money paid−$0
Remaining funds due$40,349
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,899.00
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)$250.75
Prepaid interest, first (2 days)$10.76
Prepaid interest, second (2 days)$85.78
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2 moOf the original 30-year loan at 3.370%
Interest already paid$34,741Through Nov 2026
Assumption only · ends Jan 2043$24,369
Assumption + second · ends Jan 2043, second Dec 2056$343,344
New conventional · ends Dec 2056$394,668