Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$740/mo
Lowest payment- Down payment
- $331,548
- Funds due
- $342,124
- Interest + MI left
- $23,319
- First ends
- Sep 2041
Assumption
Assumption + second
$2,839/mo
+$2,099/mo- Down payment
- $38,548
- Funds due
- $50,934
- Interest + MI left
- $485,990
- First ends
- Sep 2041
New loan
New conventional
$2,693/mo
+$1,954/mo- Down payment
- $38,548
- Funds due
- $47,487
- Interest + MI left
- $497,729
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $47,452 | $47,452 | $340,452 |
| Second mortgage | — | $293,000 | — |
| First P&I | $369.74 | $369.74 | $2,306.34 |
| Second P&I | — | $2,099.09 | — |
| Mortgage insurance | $51.09 | $51.09 | $68.09 |
| Taxes, insurance & HOA | $318.91 | $318.91 | $318.91 |
| Total housing payment | $739.74 | $2,838.83 | $2,693.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,548
Closing costs & prepaids$12,385
Usable credit−$0
Total buyer cash needed$50,934
Earnest money paid−$0
Remaining funds due$50,934
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,790.00
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)$454.75
Initial HOA (3 months)$51.99
Prepaid interest, first (9 days)$53.82
Prepaid interest, second (9 days)$559.91
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 4.6%
Interest already paid$42,990Through Dec 2026
Assumption only · ends Sep 2041$23,319
Assumption + second · ends Sep 2041, second Jan 2057$485,990
New conventional · ends Jan 2057$497,729