Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$589/mo
Lowest payment- Down payment
- $332,474
- Funds due
- $342,821
- Interest + MI left
- $14,346
- First ends
- Jan 2041
Assumption
Assumption + second
$2,702/mo
+$2,113/mo- Down payment
- $37,474
- Funds due
- $49,634
- Interest + MI left
- $480,175
- First ends
- Jan 2041
New loan
New conventional
$2,580/mo
+$1,992/mo- Down payment
- $37,474
- Funds due
- $46,192
- Interest + MI left
- $478,832
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $32,526 | $32,526 | $327,526 |
| Second mortgage | — | $295,000 | — |
| First P&I | $255.78 | $255.78 | $2,218.78 |
| Second P&I | — | $2,113.42 | — |
| Mortgage insurance | $36.92 | $36.92 | $65.51 |
| Taxes, insurance & HOA | $296.00 | $296.00 | $296.00 |
| Total housing payment | $588.70 | $2,702.11 | $2,580.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,474
Closing costs & prepaids$12,161
Usable credit−$0
Total buyer cash needed$49,634
Earnest money paid−$0
Remaining funds due$49,634
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Prepaid interest, first (9 days)$33.93
Prepaid interest, second (9 days)$563.73
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 1 moOf the original 30-year loan at 4.23%
Interest already paid$29,262Through Dec 2026
Assumption only · ends Jan 2041$14,346
Assumption + second · ends Jan 2041, second Jan 2057$480,175
New conventional · ends Jan 2057$478,832