Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,326/mo
Lowest payment- Down payment
- $393,039
- Funds due
- $405,385
- Interest + MI left
- $51,233
- First ends
- Jan 2043
Assumption
Assumption + second
$3,769/mo
+$2,443/mo- Down payment
- $52,039
- Funds due
- $66,286
- Interest + MI left
- $589,700
- First ends
- Jan 2043
New loan
New conventional
$3,602/mo
+$2,276/mo- Down payment
- $52,039
- Funds due
- $62,781
- Interest + MI left
- $676,926
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $121,961 | $121,961 | $462,961 |
| Second mortgage | — | $341,000 | — |
| First P&I | $821.84 | $821.84 | $3,136.26 |
| Second P&I | — | $2,442.97 | — |
| Mortgage insurance | $131.10 | $131.10 | $92.59 |
| Taxes, insurance & HOA | $372.67 | $372.67 | $372.67 |
| Total housing payment | $1,325.61 | $3,768.58 | $3,601.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,039
Closing costs & prepaids$14,247
Usable credit−$0
Total buyer cash needed$66,286
Earnest money paid−$0
Remaining funds due$66,286
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$618.00
Prepaid interest, first (9 days)$102.55
Prepaid interest, second (9 days)$651.64
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 1 moOf the original 30-year loan at 3.41%
Interest already paid$74,124Through Dec 2026
Assumption only · ends Jan 2043$51,233
Assumption + second · ends Jan 2043, second Jan 2057$589,700
New conventional · ends Jan 2057$676,926