Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,540/mo
Lowest payment- Down payment
- $503,349
- Funds due
- $518,904
- Interest + MI left
- $113,265
- First ends
- May 2041
Assumption
Assumption + second
$5,620/mo
+$3,081/mo- Down payment
- $73,349
- Funds due
- $90,794
- Interest + MI left
- $792,271
- First ends
- May 2041
New loan
New conventional
$5,052/mo
+$2,512/mo- Down payment
- $73,349
- Funds due
- $87,058
- Interest + MI left
- $952,822
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $221,651 | $221,651 | $651,651 |
| Second mortgage | — | $430,000 | — |
| First P&I | $1,794.82 | $1,794.82 | $4,414.51 |
| Second P&I | — | $3,080.57 | — |
| Mortgage insurance | $238.18 | $238.18 | $130.33 |
| Taxes, insurance & HOA | $506.67 | $506.67 | $506.67 |
| Total housing payment | $2,539.67 | $5,620.24 | $5,051.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,349
Closing costs & prepaids$17,445
Usable credit−$0
Total buyer cash needed$90,794
Earnest money paid−$0
Remaining funds due$90,794
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$870.00
Prepaid interest, first (7 days)$210.42
Prepaid interest, second (7 days)$639.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 5 moOf the original 30-year loan at 4.95%
Interest already paid$221,029Through Dec 2026
Assumption only · ends May 2041$113,265
Assumption + second · ends May 2041, second Jan 2057$792,271
New conventional · ends Jan 2057$952,822