Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$726/mo
Lowest payment- Down payment
- $319,993
- Funds due
- $330,314
- Interest + MI left
- $28,900
- First ends
- Aug 2043
Assumption
Assumption + second
$2,739/mo
+$2,013/mo- Down payment
- $38,993
- Funds due
- $50,624
- Interest + MI left
- $472,623
- First ends
- Aug 2043
New loan
New conventional
$2,695/mo
+$1,969/mo- Down payment
- $38,993
- Funds due
- $47,188
- Interest + MI left
- $524,674
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $65,007 | $65,007 | $346,007 |
| Second mortgage | — | $281,000 | — |
| First P&I | $428.22 | $428.22 | $2,395.68 |
| Second P&I | — | $2,013.12 | — |
| Mortgage insurance | $67.46 | $67.46 | $69.20 |
| Taxes, insurance & HOA | $230.00 | $230.00 | $230.00 |
| Total housing payment | $725.68 | $2,738.80 | $2,694.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,993
Closing costs & prepaids$11,631
Usable credit−$0
Total buyer cash needed$50,624
Earnest money paid−$0
Remaining funds due$50,624
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$240.00
Prepaid interest, first (1 days)$6.25
Prepaid interest, second (1 days)$59.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 30-year loan at 3.510%
Interest already paid$37,851Through Nov 2026
Assumption only · ends Aug 2043$28,900
Assumption + second · ends Aug 2043, second Dec 2056$472,623
New conventional · ends Dec 2056$524,674