Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,656/mo
Lowest payment- Down payment
- $286,846
- Funds due
- $298,536
- Interest + MI left
- $76,610
- First ends
- Nov 2043
Assumption
Assumption + second
$3,397/mo
+$1,741/mo- Down payment
- $43,846
- Funds due
- $56,993
- Interest + MI left
- $460,327
- First ends
- Nov 2043
New loan
New conventional
$3,190/mo
+$1,534/mo- Down payment
- $43,846
- Funds due
- $53,530
- Interest + MI left
- $557,893
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $143,154 | $143,154 | $386,154 |
| Second mortgage | — | $243,000 | — |
| First P&I | $998.90 | $998.90 | $2,597.68 |
| Second P&I | — | $1,740.88 | — |
| Mortgage insurance | $141.80 | $141.80 | $77.23 |
| Taxes, insurance & HOA | $515.50 | $515.50 | $515.50 |
| Total housing payment | $1,656.20 | $3,397.08 | $3,190.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,846
Closing costs & prepaids$13,146
Usable credit−$0
Total buyer cash needed$56,993
Earnest money paid−$0
Remaining funds due$56,993
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$1,096.50
Prepaid interest, first (4 days)$68.56
Prepaid interest, second (4 days)$206.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 11 moOf the original 30-year loan at 4.37%
Interest already paid$99,797Through Dec 2026
Assumption only · ends Nov 2043$76,610
Assumption + second · ends Nov 2043, second Jan 2057$460,327
New conventional · ends Jan 2057$557,893