Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$960/mo
Lowest payment- Down payment
- $306,858
- Funds due
- $317,674
- Interest + MI left
- $71,777
- First ends
- Feb 2049
Assumption
Assumption + second
$2,866/mo
+$1,906/mo- Down payment
- $40,858
- Funds due
- $53,433
- Interest + MI left
- $491,813
- First ends
- Feb 2049
New loan
New conventional
$2,815/mo
+$1,855/mo- Down payment
- $40,858
- Funds due
- $49,990
- Interest + MI left
- $525,046
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $93,137 | $93,137 | $359,137 |
| Second mortgage | — | $266,000 | — |
| First P&I | $573.14 | $573.14 | $2,432.92 |
| Second P&I | — | $1,905.66 | — |
| Mortgage insurance | $76.76 | $76.76 | $71.83 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $959.89 | $2,865.55 | $2,814.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,858
Closing costs & prepaids$12,575
Usable credit−$0
Total buyer cash needed$53,433
Earnest money paid−$0
Remaining funds due$53,433
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.95
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)$480.00
Prepaid interest, first (9 days)$111.84
Prepaid interest, second (9 days)$508.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2 moOf the original 30-year loan at 4.87%
Interest already paid$38,649Through Dec 2026
Assumption only · ends Feb 2049$71,777
Assumption + second · ends Feb 2049, second Jan 2057$491,813
New conventional · ends Jan 2057$525,046