Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,378/mo
Lowest payment- Down payment
- $377,532
- Funds due
- $389,969
- Interest + MI left
- $27,690
- First ends
- Jul 2039
Assumption
Assumption + second
$3,763/mo
+$2,386/mo- Down payment
- $44,532
- Funds due
- $58,855
- Interest + MI left
- $553,525
- First ends
- Jul 2039
New loan
New conventional
$3,506/mo
+$2,129/mo- Down payment
- $44,532
- Funds due
- $55,360
- Interest + MI left
- $585,550
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $67,468 | $67,468 | $400,468 |
| Second mortgage | — | $333,000 | — |
| First P&I | $581.99 | $581.99 | $2,712.91 |
| Second P&I | — | $2,385.65 | — |
| Mortgage insurance | $82.52 | $82.52 | $80.09 |
| Taxes, insurance & HOA | $713.00 | $713.00 | $713.00 |
| Total housing payment | $1,377.50 | $3,763.16 | $3,506.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,532
Closing costs & prepaids$14,323
Usable credit−$0
Total buyer cash needed$58,855
Earnest money paid−$0
Remaining funds due$58,855
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$534.00
Initial HOA (3 months)$1,155.00
Prepaid interest, first (9 days)$72.87
Prepaid interest, second (9 days)$636.35
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing12 yr 7 moOf the original 30-year loan at 4.38%
Interest already paid$72,608Through Dec 2026
Assumption only · ends Jul 2039$27,690
Assumption + second · ends Jul 2039, second Jan 2057$553,525
New conventional · ends Jan 2057$585,550