Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,190/mo
Lowest payment- Down payment
- $381,086
- Funds due
- $392,934
- Interest + MI left
- $40,222
- First ends
- Dec 2040
Assumption
Assumption + second
$3,582/mo
+$2,393/mo- Down payment
- $47,086
- Funds due
- $60,326
- Interest + MI left
- $567,636
- First ends
- Dec 2040
New loan
New conventional
$3,397/mo
+$2,207/mo- Down payment
- $47,086
- Funds due
- $56,814
- Interest + MI left
- $641,378
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $88,914 | $88,914 | $422,914 |
| Second mortgage | — | $334,000 | — |
| First P&I | $705.45 | $705.45 | $2,928.17 |
| Second P&I | — | $2,392.82 | — |
| Mortgage insurance | $100.14 | $100.14 | $84.58 |
| Taxes, insurance & HOA | $384.08 | $384.08 | $384.08 |
| Total housing payment | $1,189.67 | $3,582.49 | $3,396.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,086
Closing costs & prepaids$13,240
Usable credit−$0
Total buyer cash needed$60,326
Earnest money paid−$0
Remaining funds due$60,326
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
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)$652.25
Prepaid interest, first (2 days)$21.29
Prepaid interest, second (2 days)$141.84
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 closing14 yr 1 moOf the original 30-year loan at 4.370%
Interest already paid$82,280Through Nov 2026
Assumption only · ends Dec 2040$40,222
Assumption + second · ends Dec 2040, second Dec 2056$567,636
New conventional · ends Dec 2056$641,378