Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$807/mo
Lowest payment- Down payment
- $333,269
- Funds due
- $343,891
- Interest + MI left
- $24,037
- First ends
- Sep 2040
Assumption
Assumption + second
$2,913/mo
+$2,106/mo- Down payment
- $39,269
- Funds due
- $51,203
- Interest + MI left
- $488,288
- First ends
- Sep 2040
New loan
New conventional
$2,789/mo
+$1,982/mo- Down payment
- $39,269
- Funds due
- $47,762
- Interest + MI left
- $522,587
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $50,631 | $50,631 | $344,631 |
| Second mortgage | — | $294,000 | — |
| First P&I | $416.43 | $416.43 | $2,386.16 |
| Second P&I | — | $2,106.25 | — |
| Mortgage insurance | $56.61 | $56.61 | $68.93 |
| Taxes, insurance & HOA | $333.83 | $333.83 | $333.83 |
| Total housing payment | $806.88 | $2,913.13 | $2,788.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,269
Closing costs & prepaids$11,934
Usable credit−$0
Total buyer cash needed$51,203
Earnest money paid−$0
Remaining funds due$51,203
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,839.00
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)$292.50
Initial HOA (3 months)$258.99
Prepaid interest, first (1 days)$6.58
Prepaid interest, second (1 days)$62.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing13 yr 10 moOf the original 30-year loan at 4.740%
Interest already paid$51,496Through Nov 2026
Assumption only · ends Sep 2040$24,037
Assumption + second · ends Sep 2040, second Dec 2056$488,288
New conventional · ends Dec 2056$522,587