Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,343/mo
Lowest payment- Down payment
- $363,072
- Funds due
- $375,236
- Interest + MI left
- $75,683
- First ends
- Feb 2046
Assumption
Assumption + second
$3,586/mo
+$2,242/mo- Down payment
- $50,072
- Funds due
- $63,885
- Interest + MI left
- $569,936
- First ends
- Feb 2046
New loan
New conventional
$3,505/mo
+$2,161/mo- Down payment
- $50,072
- Funds due
- $60,377
- Interest + MI left
- $657,869
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $136,928 | $136,928 | $449,928 |
| Second mortgage | — | $313,000 | — |
| First P&I | $849.80 | $849.80 | $3,047.97 |
| Second P&I | — | $2,242.37 | — |
| Mortgage insurance | $126.85 | $126.85 | $89.99 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $1,343.32 | $3,585.69 | $3,504.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,072
Closing costs & prepaids$13,813
Usable credit−$0
Total buyer cash needed$63,885
Earnest money paid−$0
Remaining funds due$63,885
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)$88.91
Prepaid interest, second (6 days)$398.75
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 closing19 yr 2 moOf the original 30-year loan at 3.95%
Interest already paid$68,322Through Dec 2026
Assumption only · ends Feb 2046$75,683
Assumption + second · ends Feb 2046, second Jan 2057$569,936
New conventional · ends Jan 2057$657,869