Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,104/mo
Lowest payment- Down payment
- $363,767
- Funds due
- $375,265
- Interest + MI left
- $30,943
- First ends
- Apr 2041
Assumption
Assumption + second
$3,368/mo
+$2,264/mo- Down payment
- $47,767
- Funds due
- $60,582
- Interest + MI left
- $529,933
- First ends
- Apr 2041
New loan
New conventional
$3,276/mo
+$2,172/mo- Down payment
- $47,767
- Funds due
- $57,065
- Interest + MI left
- $638,744
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $105,233 | $105,233 | $421,233 |
| Second mortgage | — | $316,000 | — |
| First P&I | $732.52 | $732.52 | $2,916.53 |
| Second P&I | — | $2,263.86 | — |
| Mortgage insurance | $96.58 | $96.58 | $84.25 |
| Taxes, insurance & HOA | $275.25 | $275.25 | $275.25 |
| Total housing payment | $1,104.35 | $3,368.22 | $3,276.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,767
Closing costs & prepaids$12,815
Usable credit−$0
Total buyer cash needed$60,582
Earnest money paid−$0
Remaining funds due$60,582
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,690.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$325.75
Prepaid interest, first (1 days)$7.64
Prepaid interest, second (1 days)$67.10
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 5 moOf the original 20-year loan at 2.650%
Interest already paid$17,963Through Nov 2026
Assumption only · ends Apr 2041$30,943
Assumption + second · ends Apr 2041, second Dec 2056$529,933
New conventional · ends Dec 2056$638,744