Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,956/mo
Lowest payment- Down payment
- $322,371
- Funds due
- $334,906
- Interest + MI left
- $75,384
- First ends
- May 2041
Assumption
Assumption + second
$3,919/mo
+$1,963/mo- Down payment
- $48,371
- Funds due
- $62,447
- Interest + MI left
- $508,053
- First ends
- May 2041
New loan
New conventional
$3,546/mo
+$1,590/mo- Down payment
- $48,371
- Funds due
- $58,943
- Interest + MI left
- $623,717
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $152,629 | $152,629 | $426,629 |
| Second mortgage | — | $274,000 | — |
| First P&I | $1,220.22 | $1,220.22 | $2,890.13 |
| Second P&I | — | $1,962.97 | — |
| Mortgage insurance | $165.69 | $165.69 | $85.33 |
| Taxes, insurance & HOA | $570.42 | $570.42 | $570.42 |
| Total housing payment | $1,956.32 | $3,919.29 | $3,545.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,371
Closing costs & prepaids$14,076
Usable credit−$0
Total buyer cash needed$62,447
Earnest money paid−$0
Remaining funds due$62,447
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$1,211.25
Prepaid interest, first (5 days)$99.31
Prepaid interest, second (5 days)$290.89
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 closing14 yr 5 moOf the original 30-year loan at 4.75%
Interest already paid$146,894Through Dec 2026
Assumption only · ends May 2041$75,384
Assumption + second · ends May 2041, second Jan 2057$508,053
New conventional · ends Jan 2057$623,717