Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$431/mo
Lowest payment- Down payment
- $331,620
- Funds due
- $341,850
- Interest + MI left
- $6,926
- First ends
- Oct 2044
Assumption
Assumption + second
$2,558/mo
+$2,128/mo- Down payment
- $34,620
- Funds due
- $46,668
- Interest + MI left
- $475,914
- First ends
- Oct 2044
New loan
New conventional
$2,495/mo
+$2,065/mo- Down payment
- $34,620
- Funds due
- $43,240
- Interest + MI left
- $453,827
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $13,380 | $13,380 | $310,380 |
| Second mortgage | — | $297,000 | — |
| First P&I | $87.69 | $87.69 | $2,102.62 |
| Second P&I | — | $2,127.74 | — |
| Mortgage insurance | $12.27 | $12.27 | $62.08 |
| Taxes, insurance & HOA | $330.67 | $330.67 | $330.67 |
| Total housing payment | $430.63 | $2,558.37 | $2,495.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,620
Closing costs & prepaids$12,048
Usable credit−$0
Total buyer cash needed$46,668
Earnest money paid−$0
Remaining funds due$46,668
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$414.00
Initial HOA (3 months)$128.01
Prepaid interest, first (9 days)$13.26
Prepaid interest, second (9 days)$567.55
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 closing17 yr 10 moOf the original 27-year loan at 4.02%
Interest already paid$5,707Through Dec 2026
Assumption only · ends Oct 2044$6,926
Assumption + second · ends Oct 2044, second Jan 2057$475,914
New conventional · ends Jan 2057$453,827