Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$965/mo
Lowest payment- Down payment
- $263,833
- Funds due
- $273,934
- Interest + MI left
- $37,900
- First ends
- May 2041
Assumption
Assumption + second
$2,613/mo
+$1,648/mo- Down payment
- $33,833
- Funds due
- $45,624
- Interest + MI left
- $401,089
- First ends
- May 2041
New loan
New conventional
$2,407/mo
+$1,441/mo- Down payment
- $33,833
- Funds due
- $42,244
- Interest + MI left
- $444,742
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $74,167 | $74,167 | $304,167 |
| Second mortgage | — | $230,000 | — |
| First P&I | $600.57 | $600.57 | $2,060.53 |
| Second P&I | — | $1,647.75 | — |
| Mortgage insurance | $79.70 | $79.70 | $60.83 |
| Taxes, insurance & HOA | $285.17 | $285.17 | $285.17 |
| Total housing payment | $965.43 | $2,613.18 | $2,406.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,833
Closing costs & prepaids$11,791
Usable credit−$0
Total buyer cash needed$45,624
Earnest money paid−$0
Remaining funds due$45,624
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,380.00
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)$405.50
Prepaid interest, first (9 days)$90.52
Prepaid interest, second (9 days)$439.52
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 5 moOf the original 30-year loan at 4.95%
Interest already paid$73,958Through Dec 2026
Assumption only · ends May 2041$37,900
Assumption + second · ends May 2041, second Jan 2057$401,089
New conventional · ends Jan 2057$444,742