Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,425/mo
Lowest payment- Down payment
- $429,131
- Funds due
- $441,247
- Interest + MI left
- $17,034
- First ends
- Apr 2034
Assumption
Assumption + second
$4,140/mo
+$2,715/mo- Down payment
- $50,131
- Funds due
- $63,980
- Interest + MI left
- $615,506
- First ends
- Apr 2034
New loan
New conventional
$3,504/mo
+$2,079/mo- Down payment
- $50,131
- Funds due
- $60,436
- Interest + MI left
- $657,783
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $70,869 | $70,869 | $449,869 |
| Second mortgage | — | $379,000 | — |
| First P&I | $914.26 | $914.26 | $3,047.57 |
| Second P&I | — | $2,715.20 | — |
| Mortgage insurance | $144.22 | $144.22 | $89.97 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $1,425.15 | $4,140.35 | $3,504.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,131
Closing costs & prepaids$13,849
Usable credit−$0
Total buyer cash needed$63,980
Earnest money paid−$0
Remaining funds due$63,980
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)$40.77
Prepaid interest, second (6 days)$482.84
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 closing7 yr 4 moOf the original 30-year loan at 3.5%
Interest already paid$115,947Through Dec 2026
Assumption only · ends Apr 2034$17,034
Assumption + second · ends Apr 2034, second Jan 2057$615,506
New conventional · ends Jan 2057$657,783