Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$847/mo
Lowest payment- Down payment
- $318,564
- Funds due
- $329,229
- Interest + MI left
- $38,333
- First ends
- Oct 2044
Assumption
Assumption + second
$2,846/mo
+$1,999/mo- Down payment
- $39,564
- Funds due
- $52,012
- Interest + MI left
- $478,897
- First ends
- Oct 2044
New loan
New conventional
$2,749/mo
+$1,903/mo- Down payment
- $39,564
- Funds due
- $48,581
- Interest + MI left
- $512,249
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $71,336 | $71,336 | $350,336 |
| Second mortgage | — | $279,000 | — |
| First P&I | $471.96 | $471.96 | $2,373.30 |
| Second P&I | — | $1,998.79 | — |
| Mortgage insurance | $68.85 | $68.85 | $70.07 |
| Taxes, insurance & HOA | $306.00 | $306.00 | $306.00 |
| Total housing payment | $846.81 | $2,845.60 | $2,749.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,564
Closing costs & prepaids$12,448
Usable credit−$0
Total buyer cash needed$52,012
Earnest money paid−$0
Remaining funds due$52,012
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$468.00
Prepaid interest, first (9 days)$72.82
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 closing17 yr 10 moOf the original 30-year loan at 4.14%
Interest already paid$43,036Through Dec 2026
Assumption only · ends Oct 2044$38,333
Assumption + second · ends Oct 2044, second Jan 2057$478,897
New conventional · ends Jan 2057$512,249