Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,713/mo
Lowest payment- Down payment
- $420,058
- Funds due
- $433,768
- Interest + MI left
- $130,086
- First ends
- Jan 2050
Assumption
Assumption + second
$4,270/mo
+$2,558/mo- Down payment
- $63,058
- Funds due
- $78,700
- Interest + MI left
- $693,819
- First ends
- Jan 2050
New loan
New conventional
$4,365/mo
+$2,653/mo- Down payment
- $63,058
- Funds due
- $75,149
- Interest + MI left
- $827,501
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $208,942 | $208,942 | $565,942 |
| Second mortgage | — | $357,000 | — |
| First P&I | $1,121.71 | $1,121.71 | $3,833.89 |
| Second P&I | — | $2,557.59 | — |
| Mortgage insurance | $172.83 | $172.83 | $113.19 |
| Taxes, insurance & HOA | $418.25 | $418.25 | $418.25 |
| Total housing payment | $1,712.79 | $4,270.38 | $4,365.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,058
Closing costs & prepaids$15,642
Usable credit−$0
Total buyer cash needed$78,700
Earnest money paid−$0
Remaining funds due$78,700
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,290.00
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)$754.75
Prepaid interest, first (9 days)$190.11
Prepaid interest, second (9 days)$682.21
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 closing23 yr 1 moOf the original 30-year loan at 3.69%
Interest already paid$58,045Through Dec 2026
Assumption only · ends Jan 2050$130,086
Assumption + second · ends Jan 2050, second Jan 2057$693,819
New conventional · ends Jan 2057$827,501