Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,397/mo
Lowest payment- Down payment
- $401,917
- Funds due
- $414,441
- Interest + MI left
- $55,428
- First ends
- Nov 2042
Assumption
Assumption + second
$3,890/mo
+$2,493/mo- Down payment
- $53,917
- Funds due
- $68,356
- Interest + MI left
- $604,949
- First ends
- Nov 2042
New loan
New conventional
$3,699/mo
+$2,302/mo- Down payment
- $53,917
- Funds due
- $64,832
- Interest + MI left
- $696,002
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $128,073 | $128,073 | $476,073 |
| Second mortgage | — | $348,000 | — |
| First P&I | $881.24 | $881.24 | $3,225.08 |
| Second P&I | — | $2,493.11 | — |
| Mortgage insurance | $137.47 | $137.47 | $95.21 |
| Taxes, insurance & HOA | $378.67 | $378.67 | $378.67 |
| Total housing payment | $1,397.37 | $3,890.48 | $3,698.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,917
Closing costs & prepaids$14,439
Usable credit−$0
Total buyer cash needed$68,356
Earnest money paid−$0
Remaining funds due$68,356
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,299.90
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)$636.00
Prepaid interest, first (9 days)$113.37
Prepaid interest, second (9 days)$665.01
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 closing15 yr 11 moOf the original 30-year loan at 3.59%
Interest already paid$82,933Through Dec 2026
Assumption only · ends Nov 2042$55,428
Assumption + second · ends Nov 2042, second Jan 2057$604,949
New conventional · ends Jan 2057$696,002