Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,202/mo
Lowest payment- Down payment
- $424,295
- Funds due
- $436,556
- Interest + MI left
- $43,493
- First ends
- Jul 2040
Assumption
Assumption + second
$3,874/mo
+$2,672/mo- Down payment
- $51,295
- Funds due
- $65,281
- Interest + MI left
- $632,492
- First ends
- Jul 2040
New loan
New conventional
$3,570/mo
+$2,368/mo- Down payment
- $51,295
- Funds due
- $61,710
- Interest + MI left
- $670,703
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $85,705 | $85,705 | $458,705 |
| Second mortgage | — | $373,000 | — |
| First P&I | $736.47 | $736.47 | $3,107.43 |
| Second P&I | — | $2,672.22 | — |
| Mortgage insurance | $94.47 | $94.47 | $91.74 |
| Taxes, insurance & HOA | $370.67 | $370.67 | $370.67 |
| Total housing payment | $1,201.61 | $3,873.83 | $3,569.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,295
Closing costs & prepaids$13,986
Usable credit−$0
Total buyer cash needed$65,281
Earnest money paid−$0
Remaining funds due$65,281
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,100.00
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)$612.00
Prepaid interest, first (6 days)$73.96
Prepaid interest, second (6 days)$475.19
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 7 moOf the original 30-year loan at 5.25%
Interest already paid$97,420Through Dec 2026
Assumption only · ends Jul 2040$43,493
Assumption + second · ends Jul 2040, second Jan 2057$632,492
New conventional · ends Jan 2057$670,703