Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$827/mo
Lowest payment- Down payment
- $313,948
- Funds due
- $324,323
- Interest + MI left
- $22,872
- First ends
- Jun 2039
Assumption
Assumption + second
$2,811/mo
+$1,984/mo- Down payment
- $36,948
- Funds due
- $48,691
- Interest + MI left
- $460,278
- First ends
- Jun 2039
New loan
New conventional
$2,649/mo
+$1,823/mo- Down payment
- $36,948
- Funds due
- $45,274
- Interest + MI left
- $497,446
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $51,051 | $51,051 | $328,051 |
| Second mortgage | — | $277,000 | — |
| First P&I | $453.89 | $453.89 | $2,271.36 |
| Second P&I | — | $1,984.46 | — |
| Mortgage insurance | $60.51 | $60.51 | $65.61 |
| Taxes, insurance & HOA | $312.33 | $312.33 | $312.33 |
| Total housing payment | $826.73 | $2,811.19 | $2,649.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,948
Closing costs & prepaids$11,743
Usable credit−$0
Total buyer cash needed$48,691
Earnest money paid−$0
Remaining funds due$48,691
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,649.99
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)$337.00
Initial HOA (3 months)$150.00
Prepaid interest, first (2 days)$13.73
Prepaid interest, second (2 days)$117.63
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 7 moOf the original 30-year loan at 4.910%
Interest already paid$60,490Through Nov 2026
Assumption only · ends Jun 2039$22,872
Assumption + second · ends Jun 2039, second Dec 2056$460,278
New conventional · ends Dec 2056$497,446