Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,719/mo
Lowest payment- Down payment
- $331,405
- Funds due
- $343,937
- Interest + MI left
- $68,777
- First ends
- Aug 2043
Assumption
Assumption + second
$3,747/mo
+$2,027/mo- Down payment
- $48,405
- Funds due
- $62,368
- Interest + MI left
- $515,658
- First ends
- Aug 2043
New loan
New conventional
$3,557/mo
+$1,837/mo- Down payment
- $48,405
- Funds due
- $58,859
- Interest + MI left
- $622,185
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,595 | $147,595 | $430,595 |
| Second mortgage | — | $283,000 | — |
| First P&I | $993.57 | $993.57 | $2,896.64 |
| Second P&I | — | $2,027.45 | — |
| Mortgage insurance | $151.97 | $151.97 | $86.12 |
| Taxes, insurance & HOA | $573.83 | $573.83 | $573.83 |
| Total housing payment | $1,719.37 | $3,746.82 | $3,556.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,405
Closing costs & prepaids$13,962
Usable credit−$0
Total buyer cash needed$62,368
Earnest money paid−$0
Remaining funds due$62,368
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,790.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,221.50
Prepaid interest, first (3 days)$45.49
Prepaid interest, second (3 days)$180.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 3 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 8 moOf the original 30-year loan at 3.75%
Interest already paid$92,025Through Dec 2026
Assumption only · ends Aug 2043$68,777
Assumption + second · ends Aug 2043, second Jan 2057$515,658
New conventional · ends Jan 2057$622,185