Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,368/mo
Lowest payment- Down payment
- $305,237
- Funds due
- $316,839
- Interest + MI left
- $41,502
- First ends
- Oct 2041
Assumption
Assumption + second
$3,273/mo
+$1,906/mo- Down payment
- $39,237
- Funds due
- $52,427
- Interest + MI left
- $461,538
- First ends
- Oct 2041
New loan
New conventional
$3,067/mo
+$1,700/mo- Down payment
- $39,237
- Funds due
- $48,997
- Interest + MI left
- $512,872
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $84,762 | $84,762 | $350,762 |
| Second mortgage | — | $266,000 | — |
| First P&I | $655.69 | $655.69 | $2,376.18 |
| Second P&I | — | $1,905.66 | — |
| Mortgage insurance | $91.13 | $91.13 | $70.15 |
| Taxes, insurance & HOA | $621.00 | $621.00 | $621.00 |
| Total housing payment | $1,367.82 | $3,273.48 | $3,067.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,237
Closing costs & prepaids$13,190
Usable credit−$0
Total buyer cash needed$52,427
Earnest money paid−$0
Remaining funds due$52,427
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.99
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)$468.00
Initial HOA (3 months)$945.00
Prepaid interest, first (6 days)$63.40
Prepaid interest, second (6 days)$338.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing14 yr 10 moOf the original 30-year loan at 4.55%
Interest already paid$75,445Through Dec 2026
Assumption only · ends Oct 2041$41,502
Assumption + second · ends Oct 2041, second Jan 2057$461,538
New conventional · ends Jan 2057$512,872