Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,095/mo
Lowest payment- Down payment
- $402,199
- Funds due
- $413,920
- Interest + MI left
- $39,838
- First ends
- Apr 2040
Assumption
Assumption + second
$3,624/mo
+$2,529/mo- Down payment
- $49,199
- Funds due
- $62,245
- Interest + MI left
- $597,255
- First ends
- Apr 2040
New loan
New conventional
$3,399/mo
+$2,305/mo- Down payment
- $49,199
- Funds due
- $58,705
- Interest + MI left
- $660,834
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $82,801 | $82,801 | $435,801 |
| Second mortgage | — | $353,000 | — |
| First P&I | $706.54 | $706.54 | $3,017.40 |
| Second P&I | — | $2,528.94 | — |
| Mortgage insurance | $93.33 | $93.33 | $87.16 |
| Taxes, insurance & HOA | $294.83 | $294.83 | $294.83 |
| Total housing payment | $1,094.71 | $3,623.64 | $3,399.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,199
Closing costs & prepaids$13,046
Usable credit−$0
Total buyer cash needed$62,245
Earnest money paid−$0
Remaining funds due$62,245
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$308.50
Initial HOA (3 months)$75.99
Prepaid interest, first (1 days)$11.32
Prepaid interest, second (1 days)$74.95
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 closing13 yr 5 moOf the original 30-year loan at 4.990%
Interest already paid$91,637Through Nov 2026
Assumption only · ends Apr 2040$39,838
Assumption + second · ends Apr 2040, second Dec 2056$597,255
New conventional · ends Dec 2056$660,834