Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,361/mo
Lowest payment- Down payment
- $347,710
- Funds due
- $359,293
- Interest + MI left
- $46,528
- First ends
- Nov 2040
Assumption
Assumption + second
$3,525/mo
+$2,164/mo- Down payment
- $45,710
- Funds due
- $58,671
- Interest + MI left
- $523,411
- First ends
- Nov 2040
New loan
New conventional
$3,308/mo
+$1,947/mo- Down payment
- $45,710
- Funds due
- $55,175
- Interest + MI left
- $613,052
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $102,290 | $102,290 | $404,290 |
| Second mortgage | — | $302,000 | — |
| First P&I | $818.16 | $818.16 | $2,799.22 |
| Second P&I | — | $2,163.56 | — |
| Mortgage insurance | $115.32 | $115.32 | $80.86 |
| Taxes, insurance & HOA | $427.75 | $427.75 | $427.75 |
| Total housing payment | $1,361.23 | $3,524.80 | $3,307.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,710
Closing costs & prepaids$12,961
Usable credit−$0
Total buyer cash needed$58,671
Earnest money paid−$0
Remaining funds due$58,671
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$428.25
Initial HOA (3 months)$405.00
Prepaid interest, first (2 days)$24.83
Prepaid interest, second (2 days)$128.25
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 yrOf the original 30-year loan at 4.430%
Interest already paid$96,570Through Nov 2026
Assumption only · ends Nov 2040$46,528
Assumption + second · ends Nov 2040, second Dec 2056$523,411
New conventional · ends Dec 2056$613,052