Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,014/mo
Lowest payment- Down payment
- $295,695
- Funds due
- $306,350
- Interest + MI left
- $49,342
- First ends
- May 2044
Assumption
Assumption + second
$2,848/mo
+$1,834/mo- Down payment
- $39,695
- Funds due
- $52,090
- Interest + MI left
- $453,588
- First ends
- May 2044
New loan
New conventional
$2,727/mo
+$1,713/mo- Down payment
- $39,695
- Funds due
- $48,672
- Interest + MI left
- $507,748
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $91,305 | $91,305 | $347,305 |
| Second mortgage | — | $256,000 | — |
| First P&I | $620.48 | $620.48 | $2,352.77 |
| Second P&I | — | $1,834.02 | — |
| Mortgage insurance | $89.02 | $89.02 | $69.46 |
| Taxes, insurance & HOA | $304.83 | $304.83 | $304.83 |
| Total housing payment | $1,014.34 | $2,848.36 | $2,727.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,695
Closing costs & prepaids$12,395
Usable credit−$0
Total buyer cash needed$52,090
Earnest money paid−$0
Remaining funds due$52,090
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,870.00
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)$464.50
Prepaid interest, first (9 days)$96.36
Prepaid interest, second (9 days)$489.21
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 5 moOf the original 30-year loan at 4.28%
Interest already paid$59,318Through Dec 2026
Assumption only · ends May 2044$49,342
Assumption + second · ends May 2044, second Jan 2057$453,588
New conventional · ends Jan 2057$507,748