Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$970/mo
Lowest payment- Down payment
- $346,064
- Funds due
- $357,151
- Interest + MI left
- $33,337
- First ends
- Sep 2041
Assumption
Assumption + second
$3,148/mo
+$2,178/mo- Down payment
- $42,064
- Funds due
- $54,982
- Interest + MI left
- $513,379
- First ends
- Sep 2041
New loan
New conventional
$2,963/mo
+$1,992/mo- Down payment
- $42,064
- Funds due
- $51,514
- Interest + MI left
- $545,294
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $68,936 | $68,936 | $372,936 |
| Second mortgage | — | $304,000 | — |
| First P&I | $533.97 | $533.97 | $2,526.40 |
| Second P&I | — | $2,177.89 | — |
| Mortgage insurance | $74.56 | $74.56 | $74.59 |
| Taxes, insurance & HOA | $361.67 | $361.67 | $361.67 |
| Total housing payment | $970.20 | $3,148.10 | $2,962.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,064
Closing costs & prepaids$12,918
Usable credit−$0
Total buyer cash needed$54,982
Earnest money paid−$0
Remaining funds due$54,982
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Initial HOA (3 months)$137.01
Prepaid interest, first (9 days)$76.66
Prepaid interest, second (9 days)$580.93
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 9 moOf the original 30-year loan at 4.51%
Interest already paid$61,391Through Dec 2026
Assumption only · ends Sep 2041$33,337
Assumption + second · ends Sep 2041, second Jan 2057$513,379
New conventional · ends Jan 2057$545,294