Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$971/mo
Lowest payment- Down payment
- $295,401
- Funds due
- $305,840
- Interest + MI left
- $49,724
- First ends
- May 2044
Assumption
Assumption + second
$2,805/mo
+$1,834/mo- Down payment
- $39,401
- Funds due
- $51,144
- Interest + MI left
- $453,969
- First ends
- May 2044
New loan
New conventional
$2,737/mo
+$1,767/mo- Down payment
- $39,401
- Funds due
- $47,706
- Interest + MI left
- $527,088
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $91,599 | $91,599 | $347,599 |
| Second mortgage | — | $256,000 | — |
| First P&I | $620.48 | $620.48 | $2,406.71 |
| Second P&I | — | $1,834.02 | — |
| Mortgage insurance | $89.02 | $89.02 | $69.52 |
| Taxes, insurance & HOA | $261.08 | $261.08 | $261.08 |
| Total housing payment | $970.59 | $2,804.61 | $2,737.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,401
Closing costs & prepaids$11,743
Usable credit−$0
Total buyer cash needed$51,144
Earnest money paid−$0
Remaining funds due$51,144
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,870.00
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)$333.25
Prepaid interest, first (1 days)$10.74
Prepaid interest, second (1 days)$54.36
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 closing17 yr 6 moOf the original 30-year loan at 4.280%
Interest already paid$58,991Through Nov 2026
Assumption only · ends May 2044$49,724
Assumption + second · ends May 2044, second Dec 2056$453,969
New conventional · ends Dec 2056$527,088