Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,319/mo
Lowest payment- Down payment
- $63,605
- Funds due
- $75,243
- Interest + MI left
- $329,510
- First ends
- Jun 2060
Assumption
Assumption + second
$2,747/mo
+$428/mo- Down payment
- $21,605
- Funds due
- $34,548
- Interest + MI left
- $441,583
- First ends
- Jun 2060
New loan
New conventional
$3,267/mo
+$947/mo- Down payment
- $21,605
- Funds due
- $31,395
- Interest + MI left
- $577,730
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $356,395 | $356,395 | $398,395 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,537.57 | $1,537.57 | $2,680.03 |
| Second P&I | — | $427.98 | — |
| Mortgage insurance | $274.72 | $274.72 | $79.68 |
| Taxes, insurance & HOA | $507.00 | $507.00 | $507.00 |
| Total housing payment | $2,319.29 | $2,747.27 | $3,266.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,605
Closing costs & prepaids$12,943
Usable credit−$0
Total buyer cash needed$34,548
Earnest money paid−$0
Remaining funds due$34,548
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$1,071.00
Prepaid interest, first (4 days)$142.56
Prepaid interest, second (4 days)$54.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 closing33 yr 6 moOf the original 40-year loan at 3.65%
Interest already paid$88,480Through Dec 2026
Assumption only · ends Jun 2060$329,510
Assumption + second · ends Jun 2060, second Jan 2057$441,583
New conventional · ends Jan 2057$577,730