Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$781/mo
Lowest payment- Down payment
- $338,551
- Funds due
- $349,281
- Interest + MI left
- $18,597
- First ends
- Sep 2039
Assumption
Assumption + second
$2,930/mo
+$2,149/mo- Down payment
- $38,551
- Funds due
- $51,105
- Interest + MI left
- $492,322
- First ends
- Sep 2039
New loan
New conventional
$2,750/mo
+$1,969/mo- Down payment
- $38,551
- Funds due
- $47,651
- Interest + MI left
- $499,109
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $41,349 | $41,349 | $341,349 |
| Second mortgage | — | $300,000 | — |
| First P&I | $363.11 | $363.11 | $2,312.42 |
| Second P&I | — | $2,149.24 | — |
| Mortgage insurance | $48.69 | $48.69 | $68.27 |
| Taxes, insurance & HOA | $369.00 | $369.00 | $369.00 |
| Total housing payment | $780.80 | $2,930.03 | $2,749.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,551
Closing costs & prepaids$12,554
Usable credit−$0
Total buyer cash needed$51,105
Earnest money paid−$0
Remaining funds due$51,105
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$456.00
Initial HOA (3 months)$201.00
Prepaid interest, first (9 days)$49.55
Prepaid interest, second (9 days)$573.29
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 closing12 yr 9 moOf the original 30-year loan at 4.86%
Interest already paid$47,781Through Dec 2026
Assumption only · ends Sep 2039$18,597
Assumption + second · ends Sep 2039, second Jan 2057$492,322
New conventional · ends Jan 2057$499,109