Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,435/mo
Lowest payment- Down payment
- $410,306
- Funds due
- $422,746
- Interest + MI left
- $52,152
- First ends
- Oct 2040
Assumption
Assumption + second
$3,993/mo
+$2,558/mo- Down payment
- $53,306
- Funds due
- $67,451
- Interest + MI left
- $615,885
- First ends
- Oct 2040
New loan
New conventional
$3,666/mo
+$2,231/mo- Down payment
- $53,306
- Funds due
- $63,885
- Interest + MI left
- $689,600
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $114,694 | $114,694 | $471,694 |
| Second mortgage | — | $357,000 | — |
| First P&I | $928.82 | $928.82 | $3,195.42 |
| Second P&I | — | $2,557.59 | — |
| Mortgage insurance | $130.00 | $130.00 | $94.34 |
| Taxes, insurance & HOA | $376.67 | $376.67 | $376.67 |
| Total housing payment | $1,435.48 | $3,993.08 | $3,666.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,306
Closing costs & prepaids$14,144
Usable credit−$0
Total buyer cash needed$67,451
Earnest money paid−$0
Remaining funds due$67,451
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$630.00
Prepaid interest, first (6 days)$84.65
Prepaid interest, second (6 days)$454.81
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 closing13 yr 10 moOf the original 30-year loan at 4.49%
Interest already paid$111,356Through Dec 2026
Assumption only · ends Oct 2040$52,152
Assumption + second · ends Oct 2040, second Jan 2057$615,885
New conventional · ends Jan 2057$689,600