Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$876/mo
Lowest payment- Down payment
- $329,338
- Funds due
- $340,125
- Interest + MI left
- $30,699
- First ends
- May 2043
Assumption
Assumption + second
$2,947/mo
+$2,070/mo- Down payment
- $40,338
- Funds due
- $52,437
- Interest + MI left
- $487,054
- First ends
- May 2043
New loan
New conventional
$2,894/mo
+$2,017/mo- Down payment
- $40,338
- Funds due
- $48,988
- Interest + MI left
- $543,863
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $69,662 | $69,662 | $358,662 |
| Second mortgage | — | $289,000 | — |
| First P&I | $464.68 | $464.68 | $2,483.30 |
| Second P&I | — | $2,070.43 | — |
| Mortgage insurance | $73.03 | $73.03 | $71.73 |
| Taxes, insurance & HOA | $338.58 | $338.58 | $338.58 |
| Total housing payment | $876.30 | $2,946.73 | $2,893.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,338
Closing costs & prepaids$12,099
Usable credit−$0
Total buyer cash needed$52,437
Earnest money paid−$0
Remaining funds due$52,437
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$565.75
Prepaid interest, first (1 days)$6.74
Prepaid interest, second (1 days)$61.36
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 closing16 yr 6 moOf the original 30-year loan at 3.530%
Interest already paid$41,843Through Nov 2026
Assumption only · ends May 2043$30,699
Assumption + second · ends May 2043, second Dec 2056$487,054
New conventional · ends Dec 2056$543,863