Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,108/mo
Lowest payment- Down payment
- $298,311
- Funds due
- $309,266
- Interest + MI left
- $33,797
- First ends
- May 2041
Assumption
Assumption + second
$2,985/mo
+$1,877/mo- Down payment
- $36,311
- Funds due
- $48,572
- Interest + MI left
- $447,517
- First ends
- May 2041
New loan
New conventional
$2,841/mo
+$1,733/mo- Down payment
- $36,311
- Funds due
- $45,161
- Interest + MI left
- $495,446
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $64,689 | $64,689 | $326,689 |
| Second mortgage | — | $262,000 | — |
| First P&I | $525.11 | $525.11 | $2,261.93 |
| Second P&I | — | $1,877.00 | — |
| Mortgage insurance | $68.89 | $68.89 | $65.34 |
| Taxes, insurance & HOA | $513.83 | $513.83 | $513.83 |
| Total housing payment | $1,107.83 | $2,984.83 | $2,841.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,311
Closing costs & prepaids$12,261
Usable credit−$0
Total buyer cash needed$48,572
Earnest money paid−$0
Remaining funds due$48,572
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,630.00
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)$341.50
Initial HOA (3 months)$750.00
Prepaid interest, first (1 days)$8.95
Prepaid interest, second (1 days)$55.63
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 6 moOf the original 30-year loan at 5.050%
Interest already paid$65,095Through Nov 2026
Assumption only · ends May 2041$33,797
Assumption + second · ends May 2041, second Dec 2056$447,517
New conventional · ends Dec 2056$495,446