Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$936/mo
Lowest payment- Down payment
- $272,660
- Funds due
- $282,827
- Interest + MI left
- $35,636
- First ends
- Dec 2042
Assumption
Assumption + second
$2,627/mo
+$1,691/mo- Down payment
- $36,660
- Funds due
- $48,127
- Interest + MI left
- $408,300
- First ends
- Dec 2042
New loan
New conventional
$2,561/mo
+$1,625/mo- Down payment
- $36,660
- Funds due
- $44,718
- Interest + MI left
- $488,786
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $86,340 | $86,340 | $322,340 |
| Second mortgage | — | $236,000 | — |
| First P&I | $578.40 | $578.40 | $2,231.82 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | $93.20 | $93.20 | $64.47 |
| Taxes, insurance & HOA | $264.67 | $264.67 | $264.67 |
| Total housing payment | $936.27 | $2,627.00 | $2,560.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,660
Closing costs & prepaids$11,467
Usable credit−$0
Total buyer cash needed$48,127
Earnest money paid−$0
Remaining funds due$48,127
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,590.00
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)$344.00
Prepaid interest, first (1 days)$7.88
Prepaid interest, second (1 days)$50.11
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 1 moOf the original 30-year loan at 3.330%
Interest already paid$51,361Through Nov 2026
Assumption only · ends Dec 2042$35,636
Assumption + second · ends Dec 2042, second Dec 2056$408,300
New conventional · ends Dec 2056$488,786