Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,314/mo
Lowest payment- Down payment
- $492,847
- Funds due
- $506,111
- Interest + MI left
- $47,294
- First ends
- Dec 2041
Assumption
Assumption + second
$4,409/mo
+$3,095/mo- Down payment
- $60,847
- Funds due
- $75,912
- Interest + MI left
- $729,459
- First ends
- Dec 2041
New loan
New conventional
$4,167/mo
+$2,853/mo- Down payment
- $60,847
- Funds due
- $72,270
- Interest + MI left
- $788,331
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,153 | $107,153 | $539,153 |
| Second mortgage | — | $432,000 | — |
| First P&I | $789.38 | $789.38 | $3,652.41 |
| Second P&I | — | $3,094.90 | — |
| Mortgage insurance | $117.97 | $117.97 | $107.83 |
| Taxes, insurance & HOA | $406.67 | $406.67 | $406.67 |
| Total housing payment | $1,314.02 | $4,408.92 | $4,166.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,847
Closing costs & prepaids$15,065
Usable credit−$0
Total buyer cash needed$75,912
Earnest money paid−$0
Remaining funds due$75,912
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,000.00
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)$720.00
Prepaid interest, first (6 days)$69.40
Prepaid interest, second (6 days)$550.36
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 yrOf the original 30-year loan at 3.94%
Interest already paid$82,692Through Dec 2026
Assumption only · ends Dec 2041$47,294
Assumption + second · ends Dec 2041, second Jan 2057$729,459
New conventional · ends Jan 2057$788,331