Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,453/mo
Lowest payment- Down payment
- $350,316
- Funds due
- $362,203
- Interest + MI left
- $60,613
- First ends
- Oct 2041
Assumption
Assumption + second
$3,617/mo
+$2,164/mo- Down payment
- $48,316
- Funds due
- $61,838
- Interest + MI left
- $537,496
- First ends
- Oct 2041
New loan
New conventional
$3,333/mo
+$1,880/mo- Down payment
- $48,316
- Funds due
- $58,331
- Interest + MI left
- $623,797
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $124,684 | $124,684 | $426,684 |
| Second mortgage | — | $302,000 | — |
| First P&I | $961.97 | $961.97 | $2,890.51 |
| Second P&I | — | $2,163.56 | — |
| Mortgage insurance | $134.32 | $134.32 | $85.34 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $1,452.97 | $3,616.53 | $3,332.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,316
Closing costs & prepaids$13,522
Usable credit−$0
Total buyer cash needed$61,838
Earnest money paid−$0
Remaining funds due$61,838
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$570.00
Prepaid interest, first (6 days)$92.44
Prepaid interest, second (6 days)$384.74
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 4.51%
Interest already paid$110,130Through Dec 2026
Assumption only · ends Oct 2041$60,613
Assumption + second · ends Oct 2041, second Jan 2057$537,496
New conventional · ends Jan 2057$623,797