Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$610/mo
Lowest payment- Down payment
- $384,549
- Funds due
- $395,809
- Interest + MI left
- $16,177
- First ends
- May 2049
Assumption
Assumption + second
$3,075/mo
+$2,464/mo- Down payment
- $40,549
- Funds due
- $53,424
- Interest + MI left
- $559,382
- First ends
- May 2049
New loan
New conventional
$2,997/mo
+$2,387/mo- Down payment
- $40,549
- Funds due
- $49,942
- Interest + MI left
- $525,562
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $15,441 | $15,441 | $359,441 |
| Second mortgage | — | $344,000 | — |
| First P&I | $112.85 | $112.85 | $2,434.98 |
| Second P&I | — | $2,464.46 | — |
| Mortgage insurance | $7.28 | $7.28 | $71.89 |
| Taxes, insurance & HOA | $490.00 | $490.00 | $490.00 |
| Total housing payment | $610.12 | $3,074.58 | $2,996.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,549
Closing costs & prepaids$12,875
Usable credit−$0
Total buyer cash needed$53,424
Earnest money paid−$0
Remaining funds due$53,424
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.90
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)$1,020.00
Prepaid interest, first (5 days)$14.57
Prepaid interest, second (5 days)$365.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing22 yr 5 moOf the original 24-year loan at 6.89%
Interest already paid$1,710Through Dec 2026
Assumption only · ends May 2049$16,177
Assumption + second · ends May 2049, second Jan 2057$559,382
New conventional · ends Jan 2057$525,562