Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,517/mo
Lowest payment- Down payment
- $305,714
- Funds due
- $317,511
- Interest + MI left
- $58,565
- First ends
- Jan 2044
Assumption
Assumption + second
$3,387/mo
+$1,870/mo- Down payment
- $44,714
- Funds due
- $58,038
- Interest + MI left
- $470,706
- First ends
- Jan 2044
New loan
New conventional
$3,273/mo
+$1,756/mo- Down payment
- $44,714
- Funds due
- $54,589
- Interest + MI left
- $576,432
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $133,286 | $133,286 | $394,286 |
| Second mortgage | — | $261,000 | — |
| First P&I | $856.74 | $856.74 | $2,671.03 |
| Second P&I | — | $1,869.84 | — |
| Mortgage insurance | $137.18 | $137.18 | $78.86 |
| Taxes, insurance & HOA | $523.17 | $523.17 | $523.17 |
| Total housing payment | $1,517.09 | $3,386.92 | $3,273.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,714
Closing costs & prepaids$13,323
Usable credit−$0
Total buyer cash needed$58,038
Earnest money paid−$0
Remaining funds due$58,038
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$1,119.50
Prepaid interest, first (5 days)$61.71
Prepaid interest, second (5 days)$277.09
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 closing17 yr 1 moOf the original 30-year loan at 3.38%
Interest already paid$72,411Through Dec 2026
Assumption only · ends Jan 2044$58,565
Assumption + second · ends Jan 2044, second Jan 2057$470,706
New conventional · ends Jan 2057$576,432