Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,678/mo
Lowest payment- Down payment
- $410,704
- Funds due
- $422,800
- Interest + MI left
- $26,265
- First ends
- Apr 2034
Assumption
Assumption + second
$4,264/mo
+$2,586/mo- Down payment
- $49,704
- Funds due
- $63,510
- Interest + MI left
- $596,315
- First ends
- Apr 2034
New loan
New conventional
$3,470/mo
+$1,792/mo- Down payment
- $49,704
- Funds due
- $59,950
- Interest + MI left
- $650,950
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $84,196 | $84,196 | $445,196 |
| Second mortgage | — | $361,000 | — |
| First P&I | $1,168.84 | $1,168.84 | $3,015.91 |
| Second P&I | — | $2,586.25 | — |
| Mortgage insurance | $144.22 | $144.22 | $89.04 |
| Taxes, insurance & HOA | $364.67 | $364.67 | $364.67 |
| Total housing payment | $1,677.72 | $4,263.97 | $3,469.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,704
Closing costs & prepaids$13,805
Usable credit−$0
Total buyer cash needed$63,510
Earnest money paid−$0
Remaining funds due$63,510
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,949.00
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)$594.00
Prepaid interest, first (6 days)$77.51
Prepaid interest, second (6 days)$459.90
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 closing7 yr 4 moOf the original 30-year loan at 5.6%
Interest already paid$198,517Through Dec 2026
Assumption only · ends Apr 2034$26,265
Assumption + second · ends Apr 2034, second Jan 2057$596,315
New conventional · ends Jan 2057$650,950