Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,134/mo
Lowest payment- Down payment
- $346,805
- Funds due
- $357,974
- Interest + MI left
- $45,296
- First ends
- May 2041
Assumption
Assumption + second
$3,305/mo
+$2,171/mo- Down payment
- $43,805
- Funds due
- $56,610
- Interest + MI left
- $523,758
- First ends
- May 2041
New loan
New conventional
$3,052/mo
+$1,918/mo- Down payment
- $43,805
- Funds due
- $53,126
- Interest + MI left
- $571,992
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $88,195 | $88,195 | $391,195 |
| Second mortgage | — | $303,000 | — |
| First P&I | $715.53 | $715.53 | $2,650.09 |
| Second P&I | — | $2,170.73 | — |
| Mortgage insurance | $94.63 | $94.63 | $78.24 |
| Taxes, insurance & HOA | $324.00 | $324.00 | $324.00 |
| Total housing payment | $1,134.16 | $3,304.89 | $3,052.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,805
Closing costs & prepaids$12,805
Usable credit−$0
Total buyer cash needed$56,610
Earnest money paid−$0
Remaining funds due$56,610
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$522.00
Prepaid interest, first (6 days)$72.20
Prepaid interest, second (6 days)$386.01
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 5 moOf the original 30-year loan at 4.98%
Interest already paid$88,405Through Dec 2026
Assumption only · ends May 2041$45,296
Assumption + second · ends May 2041, second Jan 2057$523,758
New conventional · ends Jan 2057$571,992