Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,066/mo
Lowest payment- Down payment
- $276,200
- Funds due
- $286,678
- Interest + MI left
- $33,744
- First ends
- Dec 2040
Assumption
Assumption + second
$2,792/mo
+$1,727/mo- Down payment
- $35,200
- Funds due
- $47,031
- Interest + MI left
- $414,303
- First ends
- Dec 2040
New loan
New conventional
$2,638/mo
+$1,572/mo- Down payment
- $35,200
- Funds due
- $43,636
- Interest + MI left
- $477,414
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $73,799 | $73,799 | $314,799 |
| Second mortgage | — | $241,000 | — |
| First P&I | $587.75 | $587.75 | $2,179.60 |
| Second P&I | — | $1,726.55 | — |
| Mortgage insurance | $82.85 | $82.85 | $62.96 |
| Taxes, insurance & HOA | $395.08 | $395.08 | $395.08 |
| Total housing payment | $1,065.68 | $2,792.24 | $2,637.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,200
Closing costs & prepaids$11,830
Usable credit−$0
Total buyer cash needed$47,031
Earnest money paid−$0
Remaining funds due$47,031
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.99
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)$435.25
Initial HOA (3 months)$300.00
Prepaid interest, first (2 days)$17.91
Prepaid interest, second (2 days)$102.34
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 4.430%
Interest already paid$69,102Through Nov 2026
Assumption only · ends Dec 2040$33,744
Assumption + second · ends Dec 2040, second Dec 2056$414,303
New conventional · ends Dec 2056$477,414