Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,188/mo
Lowest payment- Down payment
- $603,408
- Funds due
- $617,767
- Interest + MI left
- $42,214
- First ends
- May 2043
Assumption
Assumption + second
$5,007/mo
+$3,818/mo- Down payment
- $70,408
- Funds due
- $86,696
- Interest + MI left
- $883,866
- First ends
- May 2043
New loan
New conventional
$4,830/mo
+$3,642/mo- Down payment
- $70,408
- Funds due
- $82,950
- Interest + MI left
- $919,105
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $95,592 | $95,592 | $628,592 |
| Second mortgage | — | $533,000 | — |
| First P&I | $641.47 | $641.47 | $4,258.30 |
| Second P&I | — | $3,818.48 | — |
| Mortgage insurance | $100.44 | $100.44 | $125.72 |
| Taxes, insurance & HOA | $446.25 | $446.25 | $446.25 |
| Total housing payment | $1,188.15 | $5,006.63 | $4,830.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,408
Closing costs & prepaids$16,289
Usable credit−$0
Total buyer cash needed$86,696
Earnest money paid−$0
Remaining funds due$86,696
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,990.00
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)$838.75
Prepaid interest, first (6 days)$55.94
Prepaid interest, second (6 days)$679.03
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 closing16 yr 5 moOf the original 30-year loan at 3.56%
Interest already paid$58,360Through Dec 2026
Assumption only · ends May 2043$42,214
Assumption + second · ends May 2043, second Jan 2057$883,866
New conventional · ends Jan 2057$919,105