Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$260/mo
Lowest payment- Down payment
- $353,767
- Funds due
- $363,841
- Interest + MI left
- $363
- First ends
- Nov 2039
Assumption
Assumption + second
$2,539/mo
+$2,278/mo- Down payment
- $35,767
- Funds due
- $47,158
- Interest + MI left
- $502,512
- First ends
- Nov 2039
New loan
New conventional
$2,524/mo
+$2,263/mo- Down payment
- $35,767
- Funds due
- $43,748
- Interest + MI left
- $484,138
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $1,233 | $1,233 | $319,233 |
| Second mortgage | — | $318,000 | — |
| First P&I | $9.56 | $9.56 | $2,210.30 |
| Second P&I | — | $2,278.19 | — |
| Mortgage insurance | $1.18 | $1.18 | $63.85 |
| Taxes, insurance & HOA | $249.67 | $249.67 | $249.67 |
| Total housing payment | $260.40 | $2,538.60 | $2,523.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,767
Closing costs & prepaids$11,392
Usable credit−$0
Total buyer cash needed$47,158
Earnest money paid−$0
Remaining funds due$47,158
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$299.00
Prepaid interest, first (1 days)$0.10
Prepaid interest, second (1 days)$67.52
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 closing13 yrOf the original 19-year loan at 3.010%
Interest already paid$263Through Nov 2026
Assumption only · ends Nov 2039$363
Assumption + second · ends Nov 2039, second Dec 2056$502,512
New conventional · ends Dec 2056$484,138