Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$575/mo
Lowest payment- Down payment
- $306,161
- Funds due
- $316,514
- Interest + MI left
- $40,480
- First ends
- May 2063
Assumption
Assumption + second
$2,531/mo
+$1,956/mo- Down payment
- $33,161
- Funds due
- $44,822
- Interest + MI left
- $471,569
- First ends
- May 2063
New loan
New conventional
$2,539/mo
+$1,964/mo- Down payment
- $33,161
- Funds due
- $41,438
- Interest + MI left
- $450,025
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $23,739 | $23,739 | $296,739 |
| Second mortgage | — | $273,000 | — |
| First P&I | $138.94 | $138.94 | $2,054.56 |
| Second P&I | — | $1,955.81 | — |
| Mortgage insurance | $11.12 | $11.12 | $59.35 |
| Taxes, insurance & HOA | $424.92 | $424.92 | $424.92 |
| Total housing payment | $574.98 | $2,530.79 | $2,538.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,161
Closing costs & prepaids$11,661
Usable credit−$0
Total buyer cash needed$44,822
Earnest money paid−$0
Remaining funds due$44,822
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$824.75
Prepaid interest, first (1 days)$4.11
Prepaid interest, second (1 days)$57.97
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 closing36 yr 6 moOf the original 40-year loan at 6.320%
Interest already paid$5,312Through Nov 2026
Assumption only · ends May 2063$40,480
Assumption + second · ends May 2063, second Dec 2056$471,569
New conventional · ends Dec 2056$450,025