Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$815/mo
Lowest payment- Down payment
- $336,040
- Funds due
- $346,613
- Interest + MI left
- $31,884
- First ends
- Nov 2042
Assumption
Assumption + second
$2,928/mo
+$2,113/mo- Down payment
- $41,040
- Funds due
- $52,926
- Interest + MI left
- $497,714
- First ends
- Nov 2042
New loan
New conventional
$2,859/mo
+$2,044/mo- Down payment
- $41,040
- Funds due
- $49,470
- Interest + MI left
- $559,553
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $73,960 | $73,960 | $368,960 |
| Second mortgage | — | $295,000 | — |
| First P&I | $505.46 | $505.46 | $2,554.60 |
| Second P&I | — | $2,113.42 | — |
| Mortgage insurance | $79.24 | $79.24 | $73.79 |
| Taxes, insurance & HOA | $230.33 | $230.33 | $230.33 |
| Total housing payment | $815.04 | $2,928.45 | $2,858.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,040
Closing costs & prepaids$11,886
Usable credit−$0
Total buyer cash needed$52,926
Earnest money paid−$0
Remaining funds due$52,926
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$241.00
Prepaid interest, first (1 days)$7.19
Prepaid interest, second (1 days)$62.64
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 yrOf the original 30-year loan at 3.550%
Interest already paid$47,010Through Nov 2026
Assumption only · ends Nov 2042$31,884
Assumption + second · ends Nov 2042, second Dec 2056$497,714
New conventional · ends Dec 2056$559,553