Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,294/mo
Lowest payment- Down payment
- $310,617
- Funds due
- $321,758
- Interest + MI left
- $44,054
- First ends
- Feb 2041
Assumption
Assumption + second
$3,221/mo
+$1,927/mo- Down payment
- $41,617
- Funds due
- $54,065
- Interest + MI left
- $468,828
- First ends
- Feb 2041
New loan
New conventional
$3,031/mo
+$1,737/mo- Down payment
- $41,617
- Funds due
- $50,604
- Interest + MI left
- $554,055
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $96,383 | $96,383 | $365,383 |
| Second mortgage | — | $269,000 | — |
| First P&I | $758.23 | $758.23 | $2,529.84 |
| Second P&I | — | $1,927.15 | — |
| Mortgage insurance | $107.63 | $107.63 | $73.08 |
| Taxes, insurance & HOA | $428.08 | $428.08 | $428.08 |
| Total housing payment | $1,293.95 | $3,221.10 | $3,031.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,617
Closing costs & prepaids$12,448
Usable credit−$0
Total buyer cash needed$54,065
Earnest money paid−$0
Remaining funds due$54,065
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,070.00
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)$378.25
Initial HOA (3 months)$456.00
Prepaid interest, first (1 days)$11.54
Prepaid interest, second (1 days)$57.12
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 3 moOf the original 30-year loan at 4.370%
Interest already paid$87,736Through Nov 2026
Assumption only · ends Feb 2041$44,054
Assumption + second · ends Feb 2041, second Dec 2056$468,828
New conventional · ends Dec 2056$554,055