Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$822/mo
Lowest payment- Down payment
- $328,339
- Funds due
- $338,965
- Interest + MI left
- $38,624
- First ends
- Oct 2044
Assumption
Assumption + second
$2,885/mo
+$2,063/mo- Down payment
- $40,339
- Funds due
- $52,276
- Interest + MI left
- $493,401
- First ends
- Oct 2044
New loan
New conventional
$2,843/mo
+$2,021/mo- Down payment
- $40,339
- Funds due
- $48,826
- Interest + MI left
- $545,298
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $71,561 | $71,561 | $359,561 |
| Second mortgage | — | $288,000 | — |
| First P&I | $471.96 | $471.96 | $2,489.53 |
| Second P&I | — | $2,063.27 | — |
| Mortgage insurance | $68.85 | $68.85 | $71.91 |
| Taxes, insurance & HOA | $281.25 | $281.25 | $281.25 |
| Total housing payment | $822.06 | $2,885.33 | $2,842.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,339
Closing costs & prepaids$11,937
Usable credit−$0
Total buyer cash needed$52,276
Earnest money paid−$0
Remaining funds due$52,276
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$393.75
Prepaid interest, first (1 days)$8.12
Prepaid interest, second (1 days)$61.15
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 closing17 yr 11 moOf the original 30-year loan at 4.140%
Interest already paid$42,789Through Nov 2026
Assumption only · ends Oct 2044$38,624
Assumption + second · ends Oct 2044, second Dec 2056$493,401
New conventional · ends Dec 2056$545,298