Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,319/mo
Lowest payment- Down payment
- $357,900
- Funds due
- $369,724
- Interest + MI left
- $44,957
- First ends
- Oct 2041
Assumption
Assumption + second
$3,554/mo
+$2,235/mo- Down payment
- $45,900
- Funds due
- $59,041
- Interest + MI left
- $537,632
- First ends
- Oct 2041
New loan
New conventional
$3,391/mo
+$2,072/mo- Down payment
- $45,900
- Funds due
- $55,535
- Interest + MI left
- $612,612
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $92,000 | $92,000 | $404,000 |
| Second mortgage | — | $312,000 | — |
| First P&I | $707.02 | $707.02 | $2,797.21 |
| Second P&I | — | $2,235.21 | — |
| Mortgage insurance | $98.72 | $98.72 | $80.80 |
| Taxes, insurance & HOA | $512.83 | $512.83 | $512.83 |
| Total housing payment | $1,318.57 | $3,553.78 | $3,390.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,900
Closing costs & prepaids$13,140
Usable credit−$0
Total buyer cash needed$59,041
Earnest money paid−$0
Remaining funds due$59,041
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
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)$758.50
Initial HOA (3 months)$330.00
Prepaid interest, first (1 days)$11.37
Prepaid interest, second (1 days)$66.25
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 yr 11 moOf the original 30-year loan at 4.510%
Interest already paid$80,595Through Nov 2026
Assumption only · ends Oct 2041$44,957
Assumption + second · ends Oct 2041, second Dec 2056$537,632
New conventional · ends Dec 2056$612,612