Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$747/mo
Lowest payment- Down payment
- $482,356
- Funds due
- $494,877
- Interest + MI left
- $32,131
- First ends
- Apr 2047
Assumption
Assumption + second
$3,813/mo
+$3,066/mo- Down payment
- $54,356
- Funds due
- $68,945
- Interest + MI left
- $707,979
- First ends
- Apr 2047
New loan
New conventional
$3,733/mo
+$2,986/mo- Down payment
- $54,356
- Funds due
- $65,330
- Interest + MI left
- $702,685
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $52,644 | $52,644 | $480,644 |
| Second mortgage | — | $428,000 | — |
| First P&I | $319.79 | $319.79 | $3,256.05 |
| Second P&I | — | $3,066.24 | — |
| Mortgage insurance | $46.60 | $46.60 | $96.13 |
| Taxes, insurance & HOA | $380.67 | $380.67 | $380.67 |
| Total housing payment | $747.05 | $3,813.30 | $3,732.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,356
Closing costs & prepaids$14,589
Usable credit−$0
Total buyer cash needed$68,945
Earnest money paid−$0
Remaining funds due$68,945
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,350.00
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)$642.00
Prepaid interest, first (9 days)$53.87
Prepaid interest, second (9 days)$817.89
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 closing20 yr 4 moOf the original 30-year loan at 4.15%
Interest already paid$23,953Through Dec 2026
Assumption only · ends Apr 2047$32,131
Assumption + second · ends Apr 2047, second Jan 2057$707,979
New conventional · ends Jan 2057$702,685