Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$619/mo
Lowest payment- Down payment
- $405,380
- Funds due
- $416,749
- Interest + MI left
- $18,004
- First ends
- Feb 2047
Assumption
Assumption + second
$3,205/mo
+$2,586/mo- Down payment
- $44,380
- Funds due
- $57,689
- Interest + MI left
- $588,053
- First ends
- Feb 2047
New loan
New conventional
$3,148/mo
+$2,529/mo- Down payment
- $44,380
- Funds due
- $54,177
- Interest + MI left
- $578,460
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $34,619 | $34,619 | $395,619 |
| Second mortgage | — | $361,000 | — |
| First P&I | $199.10 | $199.10 | $2,680.06 |
| Second P&I | — | $2,586.25 | — |
| Mortgage insurance | $31.52 | $31.52 | $79.12 |
| Taxes, insurance & HOA | $388.33 | $388.33 | $388.33 |
| Total housing payment | $618.95 | $3,205.20 | $3,147.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,380
Closing costs & prepaids$13,309
Usable credit−$0
Total buyer cash needed$57,689
Earnest money paid−$0
Remaining funds due$57,689
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,399.99
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)$528.00
Initial HOA (3 months)$186.99
Prepaid interest, first (9 days)$29.62
Prepaid interest, second (9 days)$689.86
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 closing20 yr 2 moOf the original 30-year loan at 3.47%
Interest already paid$13,609Through Dec 2026
Assumption only · ends Feb 2047$18,004
Assumption + second · ends Feb 2047, second Jan 2057$588,053
New conventional · ends Jan 2057$578,460