Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,314/mo
Lowest payment- Down payment
- $276,660
- Funds due
- $287,566
- Interest + MI left
- $94,234
- First ends
- Nov 2047
Assumption
Assumption + second
$2,983/mo
+$1,669/mo- Down payment
- $43,660
- Funds due
- $55,866
- Interest + MI left
- $462,161
- First ends
- Nov 2047
New loan
New conventional
$3,043/mo
+$1,729/mo- Down payment
- $43,660
- Funds due
- $52,392
- Interest + MI left
- $593,493
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $158,340 | $158,340 | $391,340 |
| Second mortgage | — | $233,000 | — |
| First P&I | $920.50 | $920.50 | $2,709.56 |
| Second P&I | — | $1,669.24 | — |
| Mortgage insurance | $138.40 | $138.40 | $78.27 |
| Taxes, insurance & HOA | $254.75 | $254.75 | $254.75 |
| Total housing payment | $1,313.65 | $2,982.89 | $3,042.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,660
Closing costs & prepaids$12,206
Usable credit−$0
Total buyer cash needed$55,866
Earnest money paid−$0
Remaining funds due$55,866
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$314.25
Prepaid interest, first (1 days)$16.88
Prepaid interest, second (1 days)$49.47
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 closing21 yrOf the original 30-year loan at 3.890%
Interest already paid$62,358Through Nov 2026
Assumption only · ends Nov 2047$94,234
Assumption + second · ends Nov 2047, second Dec 2056$462,161
New conventional · ends Dec 2056$593,493