Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,005/mo
Lowest payment- Down payment
- $338,410
- Funds due
- $349,227
- Interest + MI left
- $32,091
- First ends
- Mar 2039
Assumption
Assumption + second
$3,139/mo
+$2,135/mo- Down payment
- $40,410
- Funds due
- $52,540
- Interest + MI left
- $502,658
- First ends
- Mar 2039
New loan
New conventional
$2,905/mo
+$1,901/mo- Down payment
- $40,410
- Funds due
- $49,085
- Interest + MI left
- $545,271
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $61,590 | $61,590 | $359,590 |
| Second mortgage | — | $298,000 | — |
| First P&I | $591.21 | $591.21 | $2,489.73 |
| Second P&I | — | $2,134.91 | — |
| Mortgage insurance | $69.55 | $69.55 | $71.92 |
| Taxes, insurance & HOA | $343.75 | $343.75 | $343.75 |
| Total housing payment | $1,004.51 | $3,139.42 | $2,905.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,410
Closing costs & prepaids$12,130
Usable credit−$0
Total buyer cash needed$52,540
Earnest money paid−$0
Remaining funds due$52,540
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$389.25
Initial HOA (3 months)$192.00
Prepaid interest, first (1 days)$10.19
Prepaid interest, second (1 days)$63.27
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 closing12 yr 4 moOf the original 30-year loan at 6.040%
Interest already paid$88,739Through Nov 2026
Assumption only · ends Mar 2039$32,091
Assumption + second · ends Mar 2039, second Dec 2056$502,658
New conventional · ends Dec 2056$545,271