Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,160/mo
Lowest payment- Down payment
- $381,467
- Funds due
- $393,270
- Interest + MI left
- $39,842
- First ends
- Dec 2040
Assumption
Assumption + second
$3,553/mo
+$2,393/mo- Down payment
- $47,467
- Funds due
- $60,946
- Interest + MI left
- $567,256
- First ends
- Dec 2040
New loan
New conventional
$3,302/mo
+$2,141/mo- Down payment
- $47,467
- Funds due
- $57,430
- Interest + MI left
- $617,813
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $88,533 | $88,533 | $422,533 |
| Second mortgage | — | $334,000 | — |
| First P&I | $705.45 | $705.45 | $2,862.39 |
| Second P&I | — | $2,392.82 | — |
| Mortgage insurance | $100.14 | $100.14 | $84.51 |
| Taxes, insurance & HOA | $354.67 | $354.67 | $354.67 |
| Total housing payment | $1,160.25 | $3,553.07 | $3,301.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,467
Closing costs & prepaids$13,478
Usable credit−$0
Total buyer cash needed$60,946
Earnest money paid−$0
Remaining funds due$60,946
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
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)$564.00
Prepaid interest, first (6 days)$63.60
Prepaid interest, second (6 days)$425.51
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 closing14 yrOf the original 30-year loan at 4.37%
Interest already paid$82,603Through Dec 2026
Assumption only · ends Dec 2040$39,842
Assumption + second · ends Dec 2040, second Jan 2057$567,256
New conventional · ends Jan 2057$617,813