Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,168/mo
Lowest payment- Down payment
- $399,223
- Funds due
- $410,383
- Interest + MI left
- $9,024
- First ends
- Jul 2031
Assumption
Assumption + second
$3,712/mo
+$2,543/mo- Down payment
- $44,223
- Funds due
- $57,311
- Interest + MI left
- $569,599
- First ends
- Jul 2031
New loan
New conventional
$3,049/mo
+$1,881/mo- Down payment
- $44,223
- Funds due
- $53,770
- Interest + MI left
- $571,302
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $35,777 | $35,777 | $390,777 |
| Second mortgage | — | $355,000 | — |
| First P&I | $763.97 | $763.97 | $2,647.26 |
| Second P&I | — | $2,543.26 | — |
| Mortgage insurance | $80.52 | $80.52 | $78.16 |
| Taxes, insurance & HOA | $324.00 | $324.00 | $324.00 |
| Total housing payment | $1,168.49 | $3,711.75 | $3,049.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,223
Closing costs & prepaids$13,088
Usable credit−$0
Total buyer cash needed$57,311
Earnest money paid−$0
Remaining funds due$57,311
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$522.00
Prepaid interest, first (9 days)$62.63
Prepaid interest, second (9 days)$678.39
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 closing4 yr 7 moOf the original 30-year loan at 7.1%
Interest already paid$155,107Through Dec 2026
Assumption only · ends Jul 2031$9,024
Assumption + second · ends Jul 2031, second Jan 2057$569,599
New conventional · ends Jan 2057$571,302