Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$895/mo
Lowest payment- Down payment
- $311,236
- Funds due
- $321,846
- Interest + MI left
- $25,320
- First ends
- Nov 2040
Assumption
Assumption + second
$2,858/mo
+$1,963/mo- Down payment
- $37,236
- Funds due
- $49,154
- Interest + MI left
- $457,989
- First ends
- Nov 2040
New loan
New conventional
$2,735/mo
+$1,841/mo- Down payment
- $37,236
- Funds due
- $45,733
- Interest + MI left
- $500,043
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $55,764 | $55,764 | $329,764 |
| Second mortgage | — | $274,000 | — |
| First P&I | $445.75 | $445.75 | $2,283.22 |
| Second P&I | — | $1,962.97 | — |
| Mortgage insurance | $62.90 | $62.90 | $65.95 |
| Taxes, insurance & HOA | $386.00 | $386.00 | $386.00 |
| Total housing payment | $894.65 | $2,857.62 | $2,735.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,236
Closing costs & prepaids$11,918
Usable credit−$0
Total buyer cash needed$49,154
Earnest money paid−$0
Remaining funds due$49,154
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,670.00
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)$405.00
Initial HOA (3 months)$303.00
Prepaid interest, first (1 days)$6.75
Prepaid interest, second (1 days)$58.18
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 closing14 yrOf the original 30-year loan at 4.420%
Interest already paid$52,543Through Nov 2026
Assumption only · ends Nov 2040$25,320
Assumption + second · ends Nov 2040, second Dec 2056$457,989
New conventional · ends Dec 2056$500,043