Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,151/mo
Lowest payment- Down payment
- $476,121
- Funds due
- $489,334
- Interest + MI left
- $74,633
- First ends
- Oct 2049
Assumption
Assumption + second
$4,131/mo
+$2,980/mo- Down payment
- $60,121
- Funds due
- $75,114
- Interest + MI left
- $731,532
- First ends
- Oct 2049
New loan
New conventional
$4,135/mo
+$2,984/mo- Down payment
- $60,121
- Funds due
- $71,490
- Interest + MI left
- $782,082
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,879 | $118,879 | $534,879 |
| Second mortgage | — | $416,000 | — |
| First P&I | $647.71 | $647.71 | $3,623.46 |
| Second P&I | — | $2,980.27 | — |
| Mortgage insurance | $98.82 | $98.82 | $106.98 |
| Taxes, insurance & HOA | $404.67 | $404.67 | $404.67 |
| Total housing payment | $1,151.20 | $4,131.48 | $4,135.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,121
Closing costs & prepaids$14,993
Usable credit−$0
Total buyer cash needed$75,114
Earnest money paid−$0
Remaining funds due$75,114
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,950.00
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)$714.00
Prepaid interest, first (6 days)$73.67
Prepaid interest, second (6 days)$529.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 10 moOf the original 30-year loan at 3.77%
Interest already paid$35,065Through Dec 2026
Assumption only · ends Oct 2049$74,633
Assumption + second · ends Oct 2049, second Jan 2057$731,532
New conventional · ends Jan 2057$782,082