Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,416/mo
Lowest payment- Down payment
- $392,619
- Funds due
- $404,783
- Interest + MI left
- $51,575
- First ends
- Mar 2040
Assumption
Assumption + second
$3,866/mo
+$2,450/mo- Down payment
- $50,619
- Funds due
- $64,469
- Interest + MI left
- $591,622
- First ends
- Mar 2040
New loan
New conventional
$3,501/mo
+$2,085/mo- Down payment
- $50,619
- Funds due
- $60,918
- Interest + MI left
- $657,069
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,381 | $107,381 | $449,381 |
| Second mortgage | — | $342,000 | — |
| First P&I | $927.68 | $927.68 | $3,044.26 |
| Second P&I | — | $2,450.13 | — |
| Mortgage insurance | $121.71 | $121.71 | $89.88 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $1,416.06 | $3,866.19 | $3,500.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,619
Closing costs & prepaids$13,850
Usable credit−$0
Total buyer cash needed$64,469
Earnest money paid−$0
Remaining funds due$64,469
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$600.00
Prepaid interest, first (6 days)$89.14
Prepaid interest, second (6 days)$435.70
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 3 moOf the original 30-year loan at 5.05%
Interest already paid$122,014Through Dec 2026
Assumption only · ends Mar 2040$51,575
Assumption + second · ends Mar 2040, second Jan 2057$591,622
New conventional · ends Jan 2057$657,069