Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,035/mo
Lowest payment- Down payment
- $354,626
- Funds due
- $366,346
- Interest + MI left
- $193,601
- First ends
- Nov 2063
Assumption
Assumption + second
$3,241/mo
+$2,207/mo- Down payment
- $46,626
- Funds due
- $59,988
- Interest + MI left
- $679,959
- First ends
- Nov 2063
New loan
New conventional
$3,219/mo
+$2,184/mo- Down payment
- $46,626
- Funds due
- $56,450
- Interest + MI left
- $601,415
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $103,374 | $103,374 | $411,374 |
| Second mortgage | — | $308,000 | — |
| First P&I | $636.53 | $636.53 | $2,786.79 |
| Second P&I | — | $2,206.55 | — |
| Mortgage insurance | $48.18 | $48.18 | $82.27 |
| Taxes, insurance & HOA | $349.83 | $349.83 | $349.83 |
| Total housing payment | $1,034.54 | $3,241.09 | $3,218.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,626
Closing costs & prepaids$13,362
Usable credit−$0
Total buyer cash needed$59,988
Earnest money paid−$0
Remaining funds due$59,988
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,580.00
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)$549.50
Prepaid interest, first (6 days)$115.21
Prepaid interest, second (6 days)$392.38
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 closing36 yr 11 moOf the original 40-year loan at 6.78%
Interest already paid$21,804Through Dec 2026
Assumption only · ends Nov 2063$193,601
Assumption + second · ends Nov 2063, second Jan 2057$679,959
New conventional · ends Jan 2057$601,415