Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$423/mo
Lowest payment- Down payment
- $431,850
- Funds due
- $443,072
- Interest + MI left
- $12,415
- First ends
- Dec 2049
Assumption
Assumption + second
$3,195/mo
+$2,773/mo- Down payment
- $44,850
- Funds due
- $57,815
- Interest + MI left
- $623,520
- First ends
- Dec 2049
New loan
New conventional
$3,119/mo
+$2,696/mo- Down payment
- $44,850
- Funds due
- $54,283
- Interest + MI left
- $585,084
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $13,149 | $13,149 | $400,149 |
| Second mortgage | — | $387,000 | — |
| First P&I | $88.65 | $88.65 | $2,710.75 |
| Second P&I | — | $2,772.52 | — |
| Mortgage insurance | $6.25 | $6.25 | $80.03 |
| Taxes, insurance & HOA | $328.00 | $328.00 | $328.00 |
| Total housing payment | $422.91 | $3,195.42 | $3,118.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,850
Closing costs & prepaids$12,965
Usable credit−$0
Total buyer cash needed$57,815
Earnest money paid−$0
Remaining funds due$57,815
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,449.99
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$534.00
Prepaid interest, first (6 days)$13.16
Prepaid interest, second (6 days)$493.03
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 closing23 yrOf the original 25-year loan at 6.09%
Interest already paid$1,633Through Dec 2026
Assumption only · ends Dec 2049$12,415
Assumption + second · ends Dec 2049, second Jan 2057$623,520
New conventional · ends Jan 2057$585,084