Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$655/mo
Lowest payment- Down payment
- $313,542
- Funds due
- $323,820
- Interest + MI left
- $17,757
- First ends
- Aug 2041
Assumption
Assumption + second
$2,647/mo
+$1,992/mo- Down payment
- $35,542
- Funds due
- $47,129
- Interest + MI left
- $456,743
- First ends
- Aug 2041
New loan
New conventional
$2,573/mo
+$1,918/mo- Down payment
- $35,542
- Funds due
- $43,723
- Interest + MI left
- $476,834
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $36,458 | $36,458 | $314,458 |
| Second mortgage | — | $278,000 | — |
| First P&I | $283.14 | $283.14 | $2,177.24 |
| Second P&I | — | $1,991.63 | — |
| Mortgage insurance | $39.35 | $39.35 | $62.89 |
| Taxes, insurance & HOA | $332.58 | $332.58 | $332.58 |
| Total housing payment | $655.08 | $2,646.70 | $2,572.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,542
Closing costs & prepaids$11,586
Usable credit−$0
Total buyer cash needed$47,129
Earnest money paid−$0
Remaining funds due$47,129
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$232.75
Initial HOA (3 months)$315.00
Prepaid interest, first (1 days)$4.54
Prepaid interest, second (1 days)$59.03
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 9 moOf the original 30-year loan at 4.550%
Interest already paid$32,718Through Nov 2026
Assumption only · ends Aug 2041$17,757
Assumption + second · ends Aug 2041, second Dec 2056$456,743
New conventional · ends Dec 2056$476,834