Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$856/mo
Lowest payment- Down payment
- $316,585
- Funds due
- $327,239
- Interest + MI left
- $23,801
- First ends
- Sep 2040
Assumption
Assumption + second
$2,855/mo
+$1,999/mo- Down payment
- $37,585
- Funds due
- $50,022
- Interest + MI left
- $464,366
- First ends
- Sep 2040
New loan
New conventional
$2,681/mo
+$1,824/mo- Down payment
- $37,585
- Funds due
- $46,587
- Interest + MI left
- $481,593
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $50,415 | $50,415 | $329,415 |
| Second mortgage | — | $279,000 | — |
| First P&I | $416.43 | $416.43 | $2,231.57 |
| Second P&I | — | $1,998.79 | — |
| Mortgage insurance | $56.61 | $56.61 | $65.88 |
| Taxes, insurance & HOA | $383.16 | $383.16 | $383.16 |
| Total housing payment | $856.21 | $2,855.00 | $2,680.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,585
Closing costs & prepaids$12,437
Usable credit−$0
Total buyer cash needed$50,022
Earnest money paid−$0
Remaining funds due$50,022
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,670.00
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)$440.50
Initial HOA (3 months)$258.99
Prepaid interest, first (9 days)$58.92
Prepaid interest, second (9 days)$533.16
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 closing13 yr 9 moOf the original 30-year loan at 4.74%
Interest already paid$51,696Through Dec 2026
Assumption only · ends Sep 2040$23,801
Assumption + second · ends Sep 2040, second Jan 2057$464,366
New conventional · ends Jan 2057$481,593