Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$542/mo
Lowest payment- Down payment
- $437,451
- Funds due
- $449,207
- Interest + MI left
- $16,095
- First ends
- Dec 2049
Assumption
Assumption + second
$3,336/mo
+$2,794/mo- Down payment
- $47,451
- Funds due
- $61,036
- Interest + MI left
- $631,938
- First ends
- Dec 2049
New loan
New conventional
$3,301/mo
+$2,759/mo- Down payment
- $47,451
- Funds due
- $57,496
- Interest + MI left
- $617,690
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $32,449 | $32,449 | $422,449 |
| Second mortgage | — | $390,000 | — |
| First P&I | $160.75 | $160.75 | $2,861.82 |
| Second P&I | — | $2,794.01 | — |
| Mortgage insurance | $26.27 | $26.27 | $84.49 |
| Taxes, insurance & HOA | $354.67 | $354.67 | $354.67 |
| Total housing payment | $541.69 | $3,335.69 | $3,300.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,451
Closing costs & prepaids$13,586
Usable credit−$0
Total buyer cash needed$61,036
Earnest money paid−$0
Remaining funds due$61,036
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,699.00
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 (7 days)$17.86
Prepaid interest, second (7 days)$579.66
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 closing23 yrOf the original 28-year loan at 2.87%
Interest already paid$5,003Through Dec 2026
Assumption only · ends Dec 2049$16,095
Assumption + second · ends Dec 2049, second Jan 2057$631,938
New conventional · ends Jan 2057$617,690