Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$612/mo
Lowest payment- Down payment
- $426,124
- Funds due
- $437,699
- Interest + MI left
- $11,720
- First ends
- Sep 2043
Assumption
Assumption + second
$3,342/mo
+$2,730/mo- Down payment
- $45,124
- Funds due
- $58,677
- Interest + MI left
- $613,351
- First ends
- Sep 2043
New loan
New conventional
$3,249/mo
+$2,637/mo- Down payment
- $45,124
- Funds due
- $55,141
- Interest + MI left
- $591,996
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $23,876 | $23,876 | $404,876 |
| Second mortgage | — | $381,000 | — |
| First P&I | $162.93 | $162.93 | $2,742.77 |
| Second P&I | — | $2,729.53 | — |
| Mortgage insurance | $24.23 | $24.23 | $80.98 |
| Taxes, insurance & HOA | $425.33 | $425.33 | $425.33 |
| Total housing payment | $612.50 | $3,342.03 | $3,249.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,124
Closing costs & prepaids$13,552
Usable credit−$0
Total buyer cash needed$58,677
Earnest money paid−$0
Remaining funds due$58,677
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Initial HOA (3 months)$285.99
Prepaid interest, first (9 days)$23.43
Prepaid interest, second (9 days)$728.08
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 9 moOf the original 30-year loan at 3.98%
Interest already paid$15,571Through Dec 2026
Assumption only · ends Sep 2043$11,720
Assumption + second · ends Sep 2043, second Jan 2057$613,351
New conventional · ends Jan 2057$591,996