Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,196/mo
Lowest payment- Down payment
- $252,762
- Funds due
- $263,423
- Interest + MI left
- $40,974
- First ends
- Apr 2043
Assumption
Assumption + second
$2,751/mo
+$1,555/mo- Down payment
- $35,762
- Funds due
- $47,903
- Interest + MI left
- $383,635
- First ends
- Apr 2043
New loan
New conventional
$2,638/mo
+$1,442/mo- Down payment
- $35,762
- Funds due
- $44,530
- Interest + MI left
- $459,259
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $97,138 | $97,138 | $314,138 |
| Second mortgage | — | $217,000 | — |
| First P&I | $645.13 | $645.13 | $2,128.08 |
| Second P&I | — | $1,554.61 | — |
| Mortgage insurance | $103.43 | $103.43 | $62.83 |
| Taxes, insurance & HOA | $447.42 | $447.42 | $447.42 |
| Total housing payment | $1,195.98 | $2,750.59 | $2,638.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,762
Closing costs & prepaids$12,141
Usable credit−$0
Total buyer cash needed$47,903
Earnest money paid−$0
Remaining funds due$47,903
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$892.25
Prepaid interest, first (5 days)$44.84
Prepaid interest, second (5 days)$230.38
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 closing16 yr 4 moOf the original 30-year loan at 3.37%
Interest already paid$56,923Through Dec 2026
Assumption only · ends Apr 2043$40,974
Assumption + second · ends Apr 2043, second Jan 2057$383,635
New conventional · ends Jan 2057$459,259