Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$472/mo
Lowest payment- Down payment
- $301,444
- Funds due
- $311,567
- Interest + MI left
- $16,961
- First ends
- Dec 2063
Assumption
Assumption + second
$2,406/mo
+$1,934/mo- Down payment
- $31,444
- Funds due
- $43,104
- Interest + MI left
- $443,313
- First ends
- Dec 2063
New loan
New conventional
$2,355/mo
+$1,884/mo- Down payment
- $31,444
- Funds due
- $39,718
- Interest + MI left
- $407,149
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $8,456 | $8,456 | $278,456 |
| Second mortgage | — | $270,000 | — |
| First P&I | $54.44 | $54.44 | $1,886.36 |
| Second P&I | — | $1,934.31 | — |
| Mortgage insurance | $3.93 | $3.93 | $55.69 |
| Taxes, insurance & HOA | $413.42 | $413.42 | $413.42 |
| Total housing payment | $471.79 | $2,406.11 | $2,355.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,444
Closing costs & prepaids$11,659
Usable credit−$0
Total buyer cash needed$43,104
Earnest money paid−$0
Remaining funds due$43,104
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,099.00
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)$790.25
Prepaid interest, first (5 days)$8.32
Prepaid interest, second (5 days)$286.64
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing37 yrOf the original 40-year loan at 7.18%
Interest already paid$1,836Through Dec 2026
Assumption only · ends Dec 2063$16,961
Assumption + second · ends Dec 2063, second Jan 2057$443,313
New conventional · ends Jan 2057$407,149