Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$529/mo
Lowest payment- Down payment
- $337,333
- Funds due
- $347,521
- Interest + MI left
- $14,482
- First ends
- Jan 2041
Assumption
Assumption + second
$2,678/mo
+$2,149/mo- Down payment
- $37,333
- Funds due
- $48,835
- Interest + MI left
- $488,207
- First ends
- Jan 2041
New loan
New conventional
$2,606/mo
+$2,077/mo- Down payment
- $37,333
- Funds due
- $45,412
- Interest + MI left
- $504,512
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $32,667 | $32,667 | $332,667 |
| Second mortgage | — | $300,000 | — |
| First P&I | $255.78 | $255.78 | $2,303.32 |
| Second P&I | — | $2,149.24 | — |
| Mortgage insurance | $36.92 | $36.92 | $66.53 |
| Taxes, insurance & HOA | $236.50 | $236.50 | $236.50 |
| Total housing payment | $529.20 | $2,678.43 | $2,606.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,333
Closing costs & prepaids$11,502
Usable credit−$0
Total buyer cash needed$48,835
Earnest money paid−$0
Remaining funds due$48,835
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$259.50
Prepaid interest, first (1 days)$3.79
Prepaid interest, second (1 days)$63.70
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 2 moOf the original 30-year loan at 4.230%
Interest already paid$29,147Through Nov 2026
Assumption only · ends Jan 2041$14,482
Assumption + second · ends Jan 2041, second Dec 2056$488,207
New conventional · ends Dec 2056$504,512