Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$732/mo
Lowest payment- Down payment
- $276,057
- Funds due
- $285,917
- Interest + MI left
- $34,431
- First ends
- Nov 2043
Assumption
Assumption + second
$2,465/mo
+$1,734/mo- Down payment
- $34,057
- Funds due
- $45,218
- Interest + MI left
- $416,570
- First ends
- Nov 2043
New loan
New conventional
$2,401/mo
+$1,670/mo- Down payment
- $34,057
- Funds due
- $41,831
- Interest + MI left
- $462,467
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $62,943 | $62,943 | $304,943 |
| Second mortgage | — | $242,000 | — |
| First P&I | $440.70 | $440.70 | $2,111.36 |
| Second P&I | — | $1,733.72 | — |
| Mortgage insurance | $61.90 | $61.90 | $60.99 |
| Taxes, insurance & HOA | $229.08 | $229.08 | $229.08 |
| Total housing payment | $731.69 | $2,465.40 | $2,401.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,057
Closing costs & prepaids$11,161
Usable credit−$0
Total buyer cash needed$45,218
Earnest money paid−$0
Remaining funds due$45,218
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$237.25
Prepaid interest, first (1 days)$7.69
Prepaid interest, second (1 days)$51.38
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 closing17 yrOf the original 30-year loan at 4.460%
Interest already paid$44,306Through Nov 2026
Assumption only · ends Nov 2043$34,431
Assumption + second · ends Nov 2043, second Dec 2056$416,570
New conventional · ends Dec 2056$462,467