Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,415/mo
Lowest payment- Down payment
- $509,456
- Funds due
- $522,421
- Interest + MI left
- $16,461
- First ends
- Jan 2034
Assumption
Assumption + second
$4,646/mo
+$3,231/mo- Down payment
- $58,456
- Funds due
- $73,341
- Interest + MI left
- $728,628
- First ends
- Jan 2034
New loan
New conventional
$3,999/mo
+$2,584/mo- Down payment
- $58,456
- Funds due
- $69,698
- Interest + MI left
- $755,169
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $65,544 | $65,544 | $516,544 |
| Second mortgage | — | $451,000 | — |
| First P&I | $886.78 | $886.78 | $3,499.25 |
| Second P&I | — | $3,231.02 | — |
| Mortgage insurance | $131.57 | $131.57 | $103.31 |
| Taxes, insurance & HOA | $396.67 | $396.67 | $396.67 |
| Total housing payment | $1,415.01 | $4,646.03 | $3,999.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,456
Closing costs & prepaids$14,886
Usable credit−$0
Total buyer cash needed$73,341
Earnest money paid−$0
Remaining funds due$73,341
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$690.00
Prepaid interest, first (7 days)$50.28
Prepaid interest, second (7 days)$670.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing7 yr 1 moOf the original 30-year loan at 4%
Interest already paid$123,662Through Dec 2026
Assumption only · ends Jan 2034$16,461
Assumption + second · ends Jan 2034, second Jan 2057$728,628
New conventional · ends Jan 2057$755,169