Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,463/mo
Lowest payment- Down payment
- $363,915
- Funds due
- $375,199
- Interest + MI left
- $17,292
- First ends
- Jun 2034
Assumption
Assumption + second
$3,748/mo
+$2,285/mo- Down payment
- $44,915
- Funds due
- $58,058
- Interest + MI left
- $521,020
- First ends
- Jun 2034
New loan
New conventional
$3,118/mo
+$1,656/mo- Down payment
- $44,915
- Funds due
- $54,583
- Interest + MI left
- $584,990
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $81,085 | $81,085 | $400,085 |
| Second mortgage | — | $319,000 | — |
| First P&I | $1,033.85 | $1,033.85 | $2,710.32 |
| Second P&I | — | $2,285.36 | — |
| Mortgage insurance | $100.91 | $100.91 | $80.02 |
| Taxes, insurance & HOA | $328.00 | $328.00 | $328.00 |
| Total housing payment | $1,462.75 | $3,748.11 | $3,118.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,915
Closing costs & prepaids$13,143
Usable credit−$0
Total buyer cash needed$58,058
Earnest money paid−$0
Remaining funds due$58,058
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
Prepaid interest, first (9 days)$74.38
Prepaid interest, second (9 days)$609.60
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 closing7 yr 6 moOf the original 15-year loan at 3.72%
Interest already paid$31,676Through Dec 2026
Assumption only · ends Jun 2034$17,292
Assumption + second · ends Jun 2034, second Jan 2057$521,020
New conventional · ends Jan 2057$584,990