Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,192/mo
Lowest payment- Down payment
- $272,877
- Funds due
- $283,799
- Interest + MI left
- $50,934
- First ends
- Nov 2044
Assumption
Assumption + second
$2,876/mo
+$1,684/mo- Down payment
- $37,877
- Funds due
- $50,298
- Interest + MI left
- $422,019
- First ends
- Nov 2044
New loan
New conventional
$2,781/mo
+$1,589/mo- Down payment
- $37,877
- Funds due
- $46,893
- Interest + MI left
- $485,551
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $97,122 | $97,122 | $332,122 |
| Second mortgage | — | $235,000 | — |
| First P&I | $633.49 | $633.49 | $2,249.91 |
| Second P&I | — | $1,683.57 | — |
| Mortgage insurance | $93.99 | $93.99 | $66.42 |
| Taxes, insurance & HOA | $464.50 | $464.50 | $464.50 |
| Total housing payment | $1,191.98 | $2,875.55 | $2,780.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,877
Closing costs & prepaids$12,421
Usable credit−$0
Total buyer cash needed$50,298
Earnest money paid−$0
Remaining funds due$50,298
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.99
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)$943.50
Prepaid interest, first (5 days)$53.22
Prepaid interest, second (5 days)$249.49
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 11 moOf the original 30-year loan at 4%
Interest already paid$56,286Through Dec 2026
Assumption only · ends Nov 2044$50,934
Assumption + second · ends Nov 2044, second Jan 2057$422,019
New conventional · ends Jan 2057$485,551