Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,411/mo
Lowest payment- Down payment
- $392,912
- Funds due
- $405,075
- Interest + MI left
- $51,021
- First ends
- Mar 2040
Assumption
Assumption + second
$3,861/mo
+$2,450/mo- Down payment
- $50,912
- Funds due
- $64,760
- Interest + MI left
- $591,068
- First ends
- Mar 2040
New loan
New conventional
$3,499/mo
+$2,088/mo- Down payment
- $50,912
- Funds due
- $61,208
- Interest + MI left
- $656,551
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,088 | $107,088 | $449,088 |
| Second mortgage | — | $342,000 | — |
| First P&I | $922.42 | $922.42 | $3,042.28 |
| Second P&I | — | $2,450.13 | — |
| Mortgage insurance | $121.71 | $121.71 | $89.82 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $1,410.80 | $3,860.93 | $3,498.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,912
Closing costs & prepaids$13,849
Usable credit−$0
Total buyer cash needed$64,760
Earnest money paid−$0
Remaining funds due$64,760
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$600.00
Prepaid interest, first (6 days)$88.02
Prepaid interest, second (6 days)$435.70
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 closing13 yr 3 moOf the original 30-year loan at 5%
Interest already paid$120,665Through Dec 2026
Assumption only · ends Mar 2040$51,021
Assumption + second · ends Mar 2040, second Jan 2057$591,068
New conventional · ends Jan 2057$656,551