Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$637/mo
Lowest payment- Down payment
- $356,960
- Funds due
- $367,678
- Interest + MI left
- $18,806
- First ends
- May 2043
Assumption
Assumption + second
$2,908/mo
+$2,271/mo- Down payment
- $39,960
- Funds due
- $52,332
- Interest + MI left
- $519,375
- First ends
- May 2043
New loan
New conventional
$2,814/mo
+$2,177/mo- Down payment
- $39,960
- Funds due
- $48,878
- Interest + MI left
- $524,976
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $42,040 | $42,040 | $359,040 |
| Second mortgage | — | $317,000 | — |
| First P&I | $283.37 | $283.37 | $2,432.26 |
| Second P&I | — | $2,271.03 | — |
| Mortgage insurance | $44.04 | $44.04 | $71.81 |
| Taxes, insurance & HOA | $309.58 | $309.58 | $309.58 |
| Total housing payment | $636.99 | $2,908.02 | $2,813.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,960
Closing costs & prepaids$12,373
Usable credit−$0
Total buyer cash needed$52,332
Earnest money paid−$0
Remaining funds due$52,332
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$478.75
Prepaid interest, first (6 days)$25.02
Prepaid interest, second (6 days)$403.85
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 closing16 yr 5 moOf the original 30-year loan at 3.62%
Interest already paid$26,056Through Dec 2026
Assumption only · ends May 2043$18,806
Assumption + second · ends May 2043, second Jan 2057$519,375
New conventional · ends Jan 2057$524,976