Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,491/mo
Lowest payment- Down payment
- $390,835
- Funds due
- $403,456
- Interest + MI left
- $78,411
- First ends
- Jan 2045
Assumption
Assumption + second
$3,898/mo
+$2,407/mo- Down payment
- $54,835
- Funds due
- $69,134
- Interest + MI left
- $608,983
- First ends
- Jan 2045
New loan
New conventional
$3,766/mo
+$2,276/mo- Down payment
- $54,835
- Funds due
- $65,582
- Interest + MI left
- $709,294
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $149,165 | $149,165 | $485,165 |
| Second mortgage | — | $336,000 | — |
| First P&I | $964.50 | $964.50 | $3,286.68 |
| Second P&I | — | $2,407.15 | — |
| Mortgage insurance | $143.62 | $143.62 | $97.03 |
| Taxes, insurance & HOA | $382.67 | $382.67 | $382.67 |
| Total housing payment | $1,490.79 | $3,897.93 | $3,766.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,835
Closing costs & prepaids$14,298
Usable credit−$0
Total buyer cash needed$69,134
Earnest money paid−$0
Remaining funds due$69,134
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,400.00
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)$648.00
Prepaid interest, first (6 days)$97.35
Prepaid interest, second (6 days)$428.05
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 closing18 yr 1 moOf the original 30-year loan at 3.97%
Interest already paid$84,329Through Dec 2026
Assumption only · ends Jan 2045$78,411
Assumption + second · ends Jan 2045, second Jan 2057$608,983
New conventional · ends Jan 2057$709,294