Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$900/mo
Lowest payment- Down payment
- $389,769
- Funds due
- $401,375
- Interest + MI left
- $31,063
- First ends
- Feb 2042
Assumption
Assumption + second
$3,365/mo
+$2,464/mo- Down payment
- $45,769
- Funds due
- $59,063
- Interest + MI left
- $574,268
- First ends
- Feb 2042
New loan
New conventional
$3,195/mo
+$2,295/mo- Down payment
- $45,769
- Funds due
- $55,553
- Interest + MI left
- $596,901
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $64,231 | $64,231 | $408,231 |
| Second mortgage | — | $344,000 | — |
| First P&I | $483.32 | $483.32 | $2,765.50 |
| Second P&I | — | $2,464.46 | — |
| Mortgage insurance | $68.61 | $68.61 | $81.65 |
| Taxes, insurance & HOA | $348.25 | $348.25 | $348.25 |
| Total housing payment | $900.18 | $3,364.63 | $3,195.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,769
Closing costs & prepaids$13,294
Usable credit−$0
Total buyer cash needed$59,063
Earnest money paid−$0
Remaining funds due$59,063
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,540.00
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)$544.75
Prepaid interest, first (6 days)$46.14
Prepaid interest, second (6 days)$438.25
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 closing15 yr 2 moOf the original 30-year loan at 4.37%
Interest already paid$53,403Through Dec 2026
Assumption only · ends Feb 2042$31,063
Assumption + second · ends Feb 2042, second Jan 2057$574,268
New conventional · ends Jan 2057$596,901