Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,301/mo
Lowest payment- Down payment
- $359,508
- Funds due
- $371,239
- Interest + MI left
- $35,544
- First ends
- May 2040
Assumption
Assumption + second
$3,536/mo
+$2,235/mo- Down payment
- $47,508
- Funds due
- $60,621
- Interest + MI left
- $528,218
- First ends
- May 2040
New loan
New conventional
$3,356/mo
+$2,055/mo- Down payment
- $47,508
- Funds due
- $57,117
- Interest + MI left
- $640,653
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $110,492 | $110,492 | $422,492 |
| Second mortgage | — | $312,000 | — |
| First P&I | $830.83 | $830.83 | $2,925.25 |
| Second P&I | — | $2,235.21 | — |
| Mortgage insurance | $123.97 | $123.97 | $84.50 |
| Taxes, insurance & HOA | $345.83 | $345.83 | $345.83 |
| Total housing payment | $1,300.63 | $3,535.83 | $3,355.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,508
Closing costs & prepaids$13,113
Usable credit−$0
Total buyer cash needed$60,621
Earnest money paid−$0
Remaining funds due$60,621
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)$537.50
Prepaid interest, first (2 days)$18.22
Prepaid interest, second (2 days)$132.49
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 6 moOf the original 25-year loan at 3.010%
Interest already paid$50,136Through Nov 2026
Assumption only · ends May 2040$35,544
Assumption + second · ends May 2040, second Dec 2056$528,218
New conventional · ends Dec 2056$640,653