Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,217/mo
Lowest payment- Down payment
- $375,904
- Funds due
- $387,884
- Interest + MI left
- $54,786
- First ends
- Oct 2043
Assumption
Assumption + second
$3,560/mo
+$2,343/mo- Down payment
- $48,904
- Funds due
- $62,551
- Interest + MI left
- $571,146
- First ends
- Oct 2043
New loan
New conventional
$3,402/mo
+$2,185/mo- Down payment
- $48,904
- Funds due
- $59,037
- Interest + MI left
- $637,644
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $109,096 | $109,096 | $436,096 |
| Second mortgage | — | $327,000 | — |
| First P&I | $746.93 | $746.93 | $2,954.27 |
| Second P&I | — | $2,342.67 | — |
| Mortgage insurance | $109.89 | $109.89 | $87.22 |
| Taxes, insurance & HOA | $360.67 | $360.67 | $360.67 |
| Total housing payment | $1,217.48 | $3,560.15 | $3,402.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,904
Closing costs & prepaids$13,647
Usable credit−$0
Total buyer cash needed$62,551
Earnest money paid−$0
Remaining funds due$62,551
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$582.00
Prepaid interest, first (6 days)$72.99
Prepaid interest, second (6 days)$416.59
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 closing16 yr 10 moOf the original 30-year loan at 4.07%
Interest already paid$71,972Through Dec 2026
Assumption only · ends Oct 2043$54,786
Assumption + second · ends Oct 2043, second Jan 2057$571,146
New conventional · ends Jan 2057$637,644