Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,309/mo
Lowest payment- Down payment
- $349,507
- Funds due
- $361,201
- Interest + MI left
- $51,470
- First ends
- Apr 2041
Assumption
Assumption + second
$3,486/mo
+$2,178/mo- Down payment
- $45,507
- Funds due
- $59,032
- Interest + MI left
- $531,511
- First ends
- Apr 2041
New loan
New conventional
$3,205/mo
+$1,896/mo- Down payment
- $45,507
- Funds due
- $55,548
- Interest + MI left
- $598,746
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $105,493 | $105,493 | $409,493 |
| Second mortgage | — | $304,000 | — |
| First P&I | $844.64 | $844.64 | $2,774.05 |
| Second P&I | — | $2,177.89 | — |
| Mortgage insurance | $115.22 | $115.22 | $81.90 |
| Taxes, insurance & HOA | $348.67 | $348.67 | $348.67 |
| Total housing payment | $1,308.53 | $3,486.42 | $3,204.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,507
Closing costs & prepaids$13,524
Usable credit−$0
Total buyer cash needed$59,032
Earnest money paid−$0
Remaining funds due$59,032
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,550.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$546.00
Prepaid interest, first (9 days)$122.52
Prepaid interest, second (9 days)$580.93
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 4 moOf the original 30-year loan at 4.71%
Interest already paid$101,616Through Dec 2026
Assumption only · ends Apr 2041$51,470
Assumption + second · ends Apr 2041, second Jan 2057$531,511
New conventional · ends Jan 2057$598,746