Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$735/mo
Lowest payment- Down payment
- $441,119
- Funds due
- $453,119
- Interest + MI left
- $21,552
- First ends
- Jul 2043
Assumption
Assumption + second
$3,544/mo
+$2,808/mo- Down payment
- $49,119
- Funds due
- $63,118
- Interest + MI left
- $640,553
- First ends
- Jul 2043
New loan
New conventional
$3,434/mo
+$2,699/mo- Down payment
- $49,119
- Funds due
- $59,565
- Interest + MI left
- $643,903
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $48,376 | $48,376 | $440,376 |
| Second mortgage | — | $392,000 | — |
| First P&I | $322.22 | $322.22 | $2,983.26 |
| Second P&I | — | $2,808.34 | — |
| Mortgage insurance | $50.45 | $50.45 | $88.08 |
| Taxes, insurance & HOA | $362.50 | $362.50 | $362.50 |
| Total housing payment | $735.17 | $3,543.51 | $3,433.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,119
Closing costs & prepaids$13,999
Usable credit−$0
Total buyer cash needed$63,118
Earnest money paid−$0
Remaining funds due$63,118
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,894.95
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)$587.50
Prepaid interest, first (9 days)$42.46
Prepaid interest, second (9 days)$749.10
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 closing16 yr 7 moOf the original 30-year loan at 3.56%
Interest already paid$29,029Through Dec 2026
Assumption only · ends Jul 2043$21,552
Assumption + second · ends Jul 2043, second Jan 2057$640,553
New conventional · ends Jan 2057$643,903