Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,224/mo
Lowest payment- Down payment
- $365,519
- Funds due
- $376,939
- Interest + MI left
- $43,287
- First ends
- Jan 2040
Assumption
Assumption + second
$3,516/mo
+$2,293/mo- Down payment
- $45,519
- Funds due
- $58,256
- Interest + MI left
- $548,594
- First ends
- Jan 2040
New loan
New conventional
$3,259/mo
+$2,035/mo- Down payment
- $45,519
- Funds due
- $54,752
- Interest + MI left
- $613,342
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $84,481 | $84,481 | $404,481 |
| Second mortgage | — | $320,000 | — |
| First P&I | $752.63 | $752.63 | $2,800.54 |
| Second P&I | — | $2,292.52 | — |
| Mortgage insurance | $93.89 | $93.89 | $80.90 |
| Taxes, insurance & HOA | $377.17 | $377.17 | $377.17 |
| Total housing payment | $1,223.69 | $3,516.21 | $3,258.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,519
Closing costs & prepaids$12,737
Usable credit−$0
Total buyer cash needed$58,256
Earnest money paid−$0
Remaining funds due$58,256
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$647.75
Initial HOA (3 months)$33.75
Prepaid interest, first (1 days)$12.73
Prepaid interest, second (1 days)$67.95
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 closing13 yr 2 moOf the original 30-year loan at 5.500%
Interest already paid$103,957Through Nov 2026
Assumption only · ends Jan 2040$43,287
Assumption + second · ends Jan 2040, second Dec 2056$548,594
New conventional · ends Dec 2056$613,342