Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,298/mo
Lowest payment- Down payment
- $369,526
- Funds due
- $381,387
- Interest + MI left
- $38,813
- First ends
- May 2040
Assumption
Assumption + second
$3,619/mo
+$2,321/mo- Down payment
- $45,526
- Funds due
- $58,706
- Interest + MI left
- $550,437
- First ends
- May 2040
New loan
New conventional
$3,406/mo
+$2,108/mo- Down payment
- $45,526
- Funds due
- $55,203
- Interest + MI left
- $613,331
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $80,474 | $80,474 | $404,474 |
| Second mortgage | — | $324,000 | — |
| First P&I | $682.89 | $682.89 | $2,800.50 |
| Second P&I | — | $2,321.18 | — |
| Mortgage insurance | $90.42 | $90.42 | $80.89 |
| Taxes, insurance & HOA | $525.00 | $525.00 | $525.00 |
| Total housing payment | $1,298.30 | $3,619.48 | $3,406.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,526
Closing costs & prepaids$13,180
Usable credit−$0
Total buyer cash needed$58,706
Earnest money paid−$0
Remaining funds due$58,706
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)$1,125.00
Prepaid interest, first (1 days)$10.96
Prepaid interest, second (1 days)$68.79
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 6 moOf the original 30-year loan at 4.970%
Interest already paid$88,041Through Nov 2026
Assumption only · ends May 2040$38,813
Assumption + second · ends May 2040, second Dec 2056$550,437
New conventional · ends Dec 2056$613,331