Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,325/mo
Lowest payment- Down payment
- $401,421
- Funds due
- $413,639
- Interest + MI left
- $55,899
- First ends
- Nov 2042
Assumption
Assumption + second
$3,818/mo
+$2,493/mo- Down payment
- $53,421
- Funds due
- $67,037
- Interest + MI left
- $605,420
- First ends
- Nov 2042
New loan
New conventional
$3,701/mo
+$2,376/mo- Down payment
- $53,421
- Funds due
- $63,473
- Interest + MI left
- $722,749
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $128,569 | $128,569 | $476,569 |
| Second mortgage | — | $348,000 | — |
| First P&I | $881.24 | $881.24 | $3,299.67 |
| Second P&I | — | $2,493.11 | — |
| Mortgage insurance | $137.47 | $137.47 | $95.31 |
| Taxes, insurance & HOA | $306.00 | $306.00 | $306.00 |
| Total housing payment | $1,324.70 | $3,817.82 | $3,700.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,421
Closing costs & prepaids$13,616
Usable credit−$0
Total buyer cash needed$67,037
Earnest money paid−$0
Remaining funds due$67,037
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)$418.00
Prepaid interest, first (2 days)$25.29
Prepaid interest, second (2 days)$147.78
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing16 yrOf the original 30-year loan at 3.590%
Interest already paid$82,548Through Nov 2026
Assumption only · ends Nov 2042$55,899
Assumption + second · ends Nov 2042, second Dec 2056$605,420
New conventional · ends Dec 2056$722,749