Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$541/mo
Lowest payment- Down payment
- $368,150
- Funds due
- $379,024
- Interest + MI left
- $18,675
- First ends
- Apr 2052
Assumption
Assumption + second
$2,891/mo
+$2,350/mo- Down payment
- $40,150
- Funds due
- $52,343
- Interest + MI left
- $536,614
- First ends
- Apr 2052
New loan
New conventional
$2,928/mo
+$2,387/mo- Down payment
- $40,150
- Funds due
- $48,892
- Interest + MI left
- $545,585
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $31,750 | $31,750 | $359,750 |
| Second mortgage | — | $328,000 | — |
| First P&I | $150.73 | $150.73 | $2,490.84 |
| Second P&I | — | $2,349.83 | — |
| Mortgage insurance | $24.97 | $24.97 | $71.95 |
| Taxes, insurance & HOA | $365.50 | $365.50 | $365.50 |
| Total housing payment | $541.20 | $2,891.04 | $2,928.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,150
Closing costs & prepaids$12,193
Usable credit−$0
Total buyer cash needed$52,343
Earnest money paid−$0
Remaining funds due$52,343
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)$328.50
Initial HOA (3 months)$318.00
Prepaid interest, first (1 days)$2.71
Prepaid interest, second (1 days)$69.64
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 closing25 yr 5 moOf the original 30-year loan at 3.110%
Interest already paid$4,786Through Nov 2026
Assumption only · ends Apr 2052$18,675
Assumption + second · ends Apr 2052, second Dec 2056$536,614
New conventional · ends Dec 2056$545,585