Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,186/mo
Lowest payment- Down payment
- $402,562
- Funds due
- $414,646
- Interest + MI left
- $39,438
- First ends
- Apr 2040
Assumption
Assumption + second
$3,722/mo
+$2,536/mo- Down payment
- $48,562
- Funds due
- $62,572
- Interest + MI left
- $598,434
- First ends
- Apr 2040
New loan
New conventional
$3,430/mo
+$2,244/mo- Down payment
- $48,562
- Funds due
- $59,032
- Interest + MI left
- $638,145
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $82,438 | $82,438 | $436,438 |
| Second mortgage | — | $354,000 | — |
| First P&I | $706.54 | $706.54 | $2,956.58 |
| Second P&I | — | $2,536.10 | — |
| Mortgage insurance | $93.33 | $93.33 | $87.29 |
| Taxes, insurance & HOA | $386.00 | $386.00 | $386.00 |
| Total housing payment | $1,185.87 | $3,721.97 | $3,429.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,562
Closing costs & prepaids$14,011
Usable credit−$0
Total buyer cash needed$62,572
Earnest money paid−$0
Remaining funds due$62,572
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$582.00
Initial HOA (3 months)$75.99
Prepaid interest, first (9 days)$101.43
Prepaid interest, second (9 days)$676.48
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 4 moOf the original 30-year loan at 4.99%
Interest already paid$91,981Through Dec 2026
Assumption only · ends Apr 2040$39,438
Assumption + second · ends Apr 2040, second Jan 2057$598,434
New conventional · ends Jan 2057$638,145