Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$904/mo
Lowest payment- Down payment
- $287,218
- Funds due
- $297,413
- Interest + MI left
- $29,050
- First ends
- Jan 2040
Assumption
Assumption + second
$2,709/mo
+$1,805/mo- Down payment
- $35,218
- Funds due
- $46,984
- Interest + MI left
- $426,979
- First ends
- Jan 2040
New loan
New conventional
$2,485/mo
+$1,581/mo- Down payment
- $35,218
- Funds due
- $43,581
- Interest + MI left
- $460,117
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $62,682 | $62,682 | $314,682 |
| Second mortgage | — | $252,000 | — |
| First P&I | $541.59 | $541.59 | $2,131.77 |
| Second P&I | — | $1,805.36 | — |
| Mortgage insurance | $72.28 | $72.28 | $62.94 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $903.87 | $2,709.23 | $2,484.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,218
Closing costs & prepaids$11,766
Usable credit−$0
Total buyer cash needed$46,984
Earnest money paid−$0
Remaining funds due$46,984
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$420.00
Prepaid interest, first (6 days)$50.49
Prepaid interest, second (6 days)$321.04
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 closing13 yr 1 moOf the original 30-year loan at 4.9%
Interest already paid$70,578Through Dec 2026
Assumption only · ends Jan 2040$29,050
Assumption + second · ends Jan 2040, second Jan 2057$426,979
New conventional · ends Jan 2057$460,117