Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,513/mo
Lowest payment- Down payment
- $257,542
- Funds due
- $268,724
- Interest + MI left
- $57,194
- First ends
- Mar 2043
Assumption
Assumption + second
$3,075/mo
+$1,562/mo- Down payment
- $39,542
- Funds due
- $52,206
- Interest + MI left
- $401,434
- First ends
- Mar 2043
New loan
New conventional
$2,925/mo
+$1,412/mo- Down payment
- $39,542
- Funds due
- $48,809
- Interest + MI left
- $512,281
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $132,358 | $132,358 | $350,358 |
| Second mortgage | — | $218,000 | — |
| First P&I | $890.94 | $890.94 | $2,373.45 |
| Second P&I | — | $1,561.78 | — |
| Mortgage insurance | $140.54 | $140.54 | $70.07 |
| Taxes, insurance & HOA | $481.42 | $481.42 | $481.42 |
| Total housing payment | $1,512.90 | $3,074.67 | $2,924.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,542
Closing costs & prepaids$12,663
Usable credit−$0
Total buyer cash needed$52,206
Earnest money paid−$0
Remaining funds due$52,206
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$994.25
Prepaid interest, first (5 days)$63.46
Prepaid interest, second (5 days)$231.44
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 3 moOf the original 30-year loan at 3.5%
Interest already paid$80,955Through Dec 2026
Assumption only · ends Mar 2043$57,194
Assumption + second · ends Mar 2043, second Jan 2057$401,434
New conventional · ends Jan 2057$512,281