Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,638/mo
Lowest payment- Down payment
- $314,752
- Funds due
- $326,128
- Interest + MI left
- $65,285
- First ends
- May 2040
Assumption
Assumption + second
$3,565/mo
+$1,927/mo- Down payment
- $45,752
- Funds due
- $58,721
- Interest + MI left
- $490,059
- First ends
- May 2040
New loan
New conventional
$3,149/mo
+$1,512/mo- Down payment
- $45,752
- Funds due
- $55,237
- Interest + MI left
- $590,997
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $135,248 | $135,248 | $404,248 |
| Second mortgage | — | $269,000 | — |
| First P&I | $1,155.46 | $1,155.46 | $2,738.52 |
| Second P&I | — | $1,927.15 | — |
| Mortgage insurance | $152.29 | $152.29 | $80.85 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $1,637.75 | $3,564.90 | $3,149.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,752
Closing costs & prepaids$12,969
Usable credit−$0
Total buyer cash needed$58,721
Earnest money paid−$0
Remaining funds due$58,721
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Prepaid interest, first (6 days)$111.39
Prepaid interest, second (6 days)$342.70
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 closing13 yr 5 moOf the original 30-year loan at 5.01%
Interest already paid$150,189Through Dec 2026
Assumption only · ends May 2040$65,285
Assumption + second · ends May 2040, second Jan 2057$490,059
New conventional · ends Jan 2057$590,997