Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$596/mo
Lowest payment- Down payment
- $310,182
- Funds due
- $320,484
- Interest + MI left
- $74,960
- First ends
- Oct 2062
Assumption
Assumption + second
$2,559/mo
+$1,963/mo- Down payment
- $36,182
- Funds due
- $48,083
- Interest + MI left
- $507,629
- First ends
- Oct 2062
New loan
New conventional
$2,552/mo
+$1,956/mo- Down payment
- $36,182
- Funds due
- $44,659
- Interest + MI left
- $473,475
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $49,818 | $49,818 | $323,818 |
| Second mortgage | — | $274,000 | — |
| First P&I | $265.82 | $265.82 | $2,193.66 |
| Second P&I | — | $1,962.97 | — |
| Mortgage insurance | $36.46 | $36.46 | $64.76 |
| Taxes, insurance & HOA | $294.00 | $294.00 | $294.00 |
| Total housing payment | $596.28 | $2,559.25 | $2,552.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,182
Closing costs & prepaids$11,901
Usable credit−$0
Total buyer cash needed$48,083
Earnest money paid−$0
Remaining funds due$48,083
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$432.00
Prepaid interest, first (6 days)$45.12
Prepaid interest, second (6 days)$349.07
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 closing35 yr 10 moOf the original 40-year loan at 5.51%
Interest already paid$11,638Through Dec 2026
Assumption only · ends Oct 2062$74,960
Assumption + second · ends Oct 2062, second Jan 2057$507,629
New conventional · ends Jan 2057$473,475