Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,050/mo
Lowest payment- Down payment
- $269,371
- Funds due
- $279,627
- Interest + MI left
- $41,018
- First ends
- Jun 2041
Assumption
Assumption + second
$2,727/mo
+$1,676/mo- Down payment
- $35,371
- Funds due
- $46,977
- Interest + MI left
- $410,524
- First ends
- Jun 2041
New loan
New conventional
$2,561/mo
+$1,511/mo- Down payment
- $35,371
- Funds due
- $43,580
- Interest + MI left
- $477,093
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $80,629 | $80,629 | $314,629 |
| Second mortgage | — | $234,000 | — |
| First P&I | $644.03 | $644.03 | $2,178.43 |
| Second P&I | — | $1,676.40 | — |
| Mortgage insurance | $86.35 | $86.35 | $62.93 |
| Taxes, insurance & HOA | $319.92 | $319.92 | $319.92 |
| Total housing payment | $1,050.30 | $2,726.70 | $2,561.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,371
Closing costs & prepaids$11,606
Usable credit−$0
Total buyer cash needed$46,977
Earnest money paid−$0
Remaining funds due$46,977
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$509.75
Prepaid interest, first (2 days)$21.47
Prepaid interest, second (2 days)$99.37
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 7 moOf the original 30-year loan at 4.860%
Interest already paid$77,868Through Nov 2026
Assumption only · ends Jun 2041$41,018
Assumption + second · ends Jun 2041, second Dec 2056$410,524
New conventional · ends Dec 2056$477,093