Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$709/mo
Lowest payment- Down payment
- $331,361
- Funds due
- $341,796
- Interest + MI left
- $23,534
- First ends
- Sep 2041
Assumption
Assumption + second
$2,808/mo
+$2,099/mo- Down payment
- $38,361
- Funds due
- $50,108
- Interest + MI left
- $486,206
- First ends
- Sep 2041
New loan
New conventional
$2,715/mo
+$2,006/mo- Down payment
- $38,361
- Funds due
- $46,675
- Interest + MI left
- $516,534
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $47,639 | $47,639 | $340,639 |
| Second mortgage | — | $293,000 | — |
| First P&I | $369.74 | $369.74 | $2,358.52 |
| Second P&I | — | $2,099.09 | — |
| Mortgage insurance | $51.09 | $51.09 | $68.13 |
| Taxes, insurance & HOA | $288.00 | $288.00 | $288.00 |
| Total housing payment | $708.82 | $2,807.91 | $2,714.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,361
Closing costs & prepaids$11,747
Usable credit−$0
Total buyer cash needed$50,108
Earnest money paid−$0
Remaining funds due$50,108
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,790.00
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)$362.00
Initial HOA (3 months)$51.99
Prepaid interest, first (1 days)$6.00
Prepaid interest, second (1 days)$62.21
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 10 moOf the original 30-year loan at 4.600%
Interest already paid$42,808Through Nov 2026
Assumption only · ends Sep 2041$23,534
Assumption + second · ends Sep 2041, second Dec 2056$486,206
New conventional · ends Dec 2056$516,534