Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$477/mo
Lowest payment- Down payment
- $642,781
- Funds due
- $656,537
- Interest + MI left
- $2,883
- First ends
- Nov 2043
Assumption
Assumption + second
$4,611/mo
+$4,134/mo- Down payment
- $65,781
- Funds due
- $81,522
- Interest + MI left
- $914,015
- First ends
- Nov 2043
New loan
New conventional
$4,499/mo
+$4,022/mo- Down payment
- $65,781
- Funds due
- $77,764
- Interest + MI left
- $853,786
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $6,919 | $6,919 | $583,919 |
| Second mortgage | — | $577,000 | — |
| First P&I | $44.78 | $44.78 | $3,955.67 |
| Second P&I | — | $4,133.70 | — |
| Mortgage insurance | $6.08 | $6.08 | $116.78 |
| Taxes, insurance & HOA | $426.58 | $426.58 | $426.58 |
| Total housing payment | $477.45 | $4,611.15 | $4,499.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,781
Closing costs & prepaids$15,741
Usable credit−$0
Total buyer cash needed$81,522
Earnest money paid−$0
Remaining funds due$81,522
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,497.00
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)$779.75
Prepaid interest, first (6 days)$3.84
Prepaid interest, second (6 days)$735.08
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 11 moOf the original 23-year loan at 3.375%
Interest already paid$1,600Through Dec 2026
Assumption only · ends Nov 2043$2,883
Assumption + second · ends Nov 2043, second Jan 2057$914,015
New conventional · ends Jan 2057$853,786