Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$747/mo
Lowest payment- Down payment
- $338,356
- Funds due
- $348,946
- Interest + MI left
- $18,796
- First ends
- Sep 2039
Assumption
Assumption + second
$2,896/mo
+$2,149/mo- Down payment
- $38,356
- Funds due
- $50,323
- Interest + MI left
- $492,521
- First ends
- Sep 2039
New loan
New conventional
$2,768/mo
+$2,021/mo- Down payment
- $38,356
- Funds due
- $46,889
- Interest + MI left
- $517,974
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $41,544 | $41,544 | $341,544 |
| Second mortgage | — | $300,000 | — |
| First P&I | $363.11 | $363.11 | $2,364.78 |
| Second P&I | — | $2,149.24 | — |
| Mortgage insurance | $48.69 | $48.69 | $68.31 |
| Taxes, insurance & HOA | $334.83 | $334.83 | $334.83 |
| Total housing payment | $746.63 | $2,895.87 | $2,767.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,356
Closing costs & prepaids$11,967
Usable credit−$0
Total buyer cash needed$50,323
Earnest money paid−$0
Remaining funds due$50,323
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)$353.50
Initial HOA (3 months)$201.00
Prepaid interest, first (2 days)$11.06
Prepaid interest, second (2 days)$127.40
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 closing12 yr 10 moOf the original 30-year loan at 4.860%
Interest already paid$47,613Through Nov 2026
Assumption only · ends Sep 2039$18,796
Assumption + second · ends Sep 2039, second Dec 2056$492,521
New conventional · ends Dec 2056$517,974