Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,755/mo
Lowest payment- Down payment
- $368,259
- Funds due
- $380,894
- Interest + MI left
- $61,781
- First ends
- Jun 2040
Assumption
Assumption + second
$4,041/mo
+$2,285/mo- Down payment
- $49,259
- Funds due
- $63,279
- Interest + MI left
- $565,509
- First ends
- Jun 2040
New loan
New conventional
$3,715/mo
+$1,959/mo- Down payment
- $49,259
- Funds due
- $59,745
- Interest + MI left
- $668,413
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $121,741 | $121,741 | $440,741 |
| Second mortgage | — | $319,000 | — |
| First P&I | $1,046.14 | $1,046.14 | $3,051.60 |
| Second P&I | — | $2,285.36 | — |
| Mortgage insurance | $134.19 | $134.19 | $88.15 |
| Taxes, insurance & HOA | $575.00 | $575.00 | $575.00 |
| Total housing payment | $1,755.33 | $4,040.69 | $3,714.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,259
Closing costs & prepaids$14,020
Usable credit−$0
Total buyer cash needed$63,279
Earnest money paid−$0
Remaining funds due$63,279
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,900.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,225.00
Prepaid interest, first (2 days)$35.02
Prepaid interest, second (2 days)$135.47
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 closing13 yr 7 moOf the original 30-year loan at 5.250%
Interest already paid$138,382Through Nov 2026
Assumption only · ends Jun 2040$61,781
Assumption + second · ends Jun 2040, second Dec 2056$565,509
New conventional · ends Dec 2056$668,413