Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,450/mo
Lowest payment- Down payment
- $456,015
- Funds due
- $468,895
- Interest + MI left
- $51,155
- First ends
- Feb 2040
Assumption
Assumption + second
$4,308/mo
+$2,858/mo- Down payment
- $57,015
- Funds due
- $71,654
- Interest + MI left
- $681,210
- First ends
- Feb 2040
New loan
New conventional
$3,928/mo
+$2,478/mo- Down payment
- $57,015
- Funds due
- $68,035
- Interest + MI left
- $741,296
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,985 | $107,985 | $506,985 |
| Second mortgage | — | $399,000 | — |
| First P&I | $934.30 | $934.30 | $3,434.49 |
| Second P&I | — | $2,858.48 | — |
| Mortgage insurance | $123.28 | $123.28 | $101.40 |
| Taxes, insurance & HOA | $392.25 | $392.25 | $392.25 |
| Total housing payment | $1,449.83 | $4,308.32 | $3,928.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,015
Closing costs & prepaids$14,639
Usable credit−$0
Total buyer cash needed$71,654
Earnest money paid−$0
Remaining funds due$71,654
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,640.00
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)$676.75
Prepaid interest, first (6 days)$88.75
Prepaid interest, second (6 days)$508.32
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 2 moOf the original 30-year loan at 5%
Interest already paid$122,671Through Dec 2026
Assumption only · ends Feb 2040$51,155
Assumption + second · ends Feb 2040, second Jan 2057$681,210
New conventional · ends Jan 2057$741,296