Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,639/mo
Lowest payment- Down payment
- $373,254
- Funds due
- $385,630
- Interest + MI left
- $57,955
- First ends
- Mar 2040
Assumption
Assumption + second
$3,953/mo
+$2,314/mo- Down payment
- $50,254
- Funds due
- $64,497
- Interest + MI left
- $567,999
- First ends
- Mar 2040
New loan
New conventional
$3,554/mo
+$1,915/mo- Down payment
- $50,254
- Funds due
- $60,976
- Interest + MI left
- $657,594
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $126,740 | $126,740 | $449,740 |
| Second mortgage | — | $323,000 | — |
| First P&I | $1,075.62 | $1,075.62 | $3,046.70 |
| Second P&I | — | $2,314.01 | — |
| Mortgage insurance | $146.06 | $146.06 | $89.95 |
| Taxes, insurance & HOA | $417.67 | $417.67 | $417.67 |
| Total housing payment | $1,639.34 | $3,953.35 | $3,554.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,254
Closing costs & prepaids$14,244
Usable credit−$0
Total buyer cash needed$64,497
Earnest money paid−$0
Remaining funds due$64,497
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.94
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)$600.00
Initial HOA (3 months)$153.00
Prepaid interest, first (9 days)$148.44
Prepaid interest, second (9 days)$617.24
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 closing13 yr 3 moOf the original 30-year loan at 4.75%
Interest already paid$136,743Through Dec 2026
Assumption only · ends Mar 2040$57,955
Assumption + second · ends Mar 2040, second Jan 2057$567,999
New conventional · ends Jan 2057$657,594