Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,074/mo
Lowest payment- Down payment
- $295,777
- Funds due
- $306,682
- Interest + MI left
- $27,877
- First ends
- Sep 2040
Assumption
Assumption + second
$2,936/mo
+$1,863/mo- Down payment
- $35,777
- Funds due
- $48,042
- Interest + MI left
- $438,439
- First ends
- Sep 2040
New loan
New conventional
$2,796/mo
+$1,722/mo- Down payment
- $35,777
- Funds due
- $44,639
- Interest + MI left
- $484,122
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $59,222 | $59,222 | $319,222 |
| Second mortgage | — | $260,000 | — |
| First P&I | $485.59 | $485.59 | $2,210.23 |
| Second P&I | — | $1,862.67 | — |
| Mortgage insurance | $66.40 | $66.40 | $63.84 |
| Taxes, insurance & HOA | $521.67 | $521.67 | $521.67 |
| Total housing payment | $1,073.66 | $2,936.33 | $2,795.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,777
Closing costs & prepaids$12,266
Usable credit−$0
Total buyer cash needed$48,042
Earnest money paid−$0
Remaining funds due$48,042
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,549.99
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)$1,115.00
Prepaid interest, first (2 days)$15.22
Prepaid interest, second (2 days)$110.41
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 10 moOf the original 30-year loan at 4.690%
Interest already paid$59,690Through Nov 2026
Assumption only · ends Sep 2040$27,877
Assumption + second · ends Sep 2040, second Dec 2056$438,439
New conventional · ends Dec 2056$484,122