Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,362/mo
Lowest payment- Down payment
- $368,921
- Funds due
- $380,859
- Interest + MI left
- $56,027
- First ends
- Jul 2041
Assumption
Assumption + second
$3,655/mo
+$2,293/mo- Down payment
- $48,921
- Funds due
- $62,517
- Interest + MI left
- $561,334
- First ends
- Jul 2041
New loan
New conventional
$3,365/mo
+$2,003/mo- Down payment
- $48,921
- Funds due
- $58,992
- Interest + MI left
- $630,223
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $111,079 | $111,079 | $431,079 |
| Second mortgage | — | $320,000 | — |
| First P&I | $884.40 | $884.40 | $2,920.28 |
| Second P&I | — | $2,292.52 | — |
| Mortgage insurance | $119.26 | $119.26 | $86.22 |
| Taxes, insurance & HOA | $358.67 | $358.67 | $358.67 |
| Total housing payment | $1,362.33 | $3,654.84 | $3,365.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,921
Closing costs & prepaids$13,597
Usable credit−$0
Total buyer cash needed$62,517
Earnest money paid−$0
Remaining funds due$62,517
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
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)$576.00
Prepaid interest, first (6 days)$87.83
Prepaid interest, second (6 days)$407.67
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 7 moOf the original 30-year loan at 4.81%
Interest already paid$106,323Through Dec 2026
Assumption only · ends Jul 2041$56,027
Assumption + second · ends Jul 2041, second Jan 2057$561,334
New conventional · ends Jan 2057$630,223