Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,465/mo
Lowest payment- Down payment
- $279,277
- Funds due
- $290,340
- Interest + MI left
- $47,672
- First ends
- Jan 2040
Assumption
Assumption + second
$3,192/mo
+$1,727/mo- Down payment
- $38,277
- Funds due
- $50,846
- Interest + MI left
- $428,231
- First ends
- Jan 2040
New loan
New conventional
$2,856/mo
+$1,391/mo- Down payment
- $38,277
- Funds due
- $47,424
- Interest + MI left
- $499,656
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $100,723 | $100,723 | $341,723 |
| Second mortgage | — | $241,000 | — |
| First P&I | $876.93 | $876.93 | $2,314.95 |
| Second P&I | — | $1,726.55 | — |
| Mortgage insurance | $115.32 | $115.32 | $68.34 |
| Taxes, insurance & HOA | $473.00 | $473.00 | $473.00 |
| Total housing payment | $1,465.25 | $3,191.80 | $2,856.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,277
Closing costs & prepaids$12,569
Usable credit−$0
Total buyer cash needed$50,846
Earnest money paid−$0
Remaining funds due$50,846
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$969.00
Prepaid interest, first (5 days)$69.40
Prepaid interest, second (5 days)$255.86
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 closing13 yr 1 moOf the original 30-year loan at 5.03%
Interest already paid$115,941Through Dec 2026
Assumption only · ends Jan 2040$47,672
Assumption + second · ends Jan 2040, second Jan 2057$428,231
New conventional · ends Jan 2057$499,656