Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,195/mo
Lowest payment- Down payment
- $360,707
- Funds due
- $372,449
- Interest + MI left
- $36,395
- First ends
- Nov 2041
Assumption
Assumption + second
$3,458/mo
+$2,264/mo- Down payment
- $44,707
- Funds due
- $57,833
- Interest + MI left
- $535,386
- First ends
- Nov 2041
New loan
New conventional
$3,332/mo
+$2,137/mo- Down payment
- $44,707
- Funds due
- $54,344
- Interest + MI left
- $599,258
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $79,193 | $79,193 | $395,193 |
| Second mortgage | — | $316,000 | — |
| First P&I | $591.75 | $591.75 | $2,736.24 |
| Second P&I | — | $2,263.86 | — |
| Mortgage insurance | $86.23 | $86.23 | $79.04 |
| Taxes, insurance & HOA | $516.58 | $516.58 | $516.58 |
| Total housing payment | $1,194.56 | $3,458.42 | $3,331.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,707
Closing costs & prepaids$13,126
Usable credit−$0
Total buyer cash needed$57,833
Earnest money paid−$0
Remaining funds due$57,833
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,399.00
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)$1,099.75
Prepaid interest, first (2 days)$18.01
Prepaid interest, second (2 days)$134.19
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 closing15 yrOf the original 30-year loan at 4.150%
Interest already paid$63,974Through Nov 2026
Assumption only · ends Nov 2041$36,395
Assumption + second · ends Nov 2041, second Dec 2056$535,386
New conventional · ends Dec 2056$599,258