Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,067/mo
Lowest payment- Down payment
- $450,187
- Funds due
- $463,157
- Interest + MI left
- $32,270
- First ends
- Jun 2045
Assumption
Assumption + second
$3,919/mo
+$2,851/mo- Down payment
- $52,187
- Funds due
- $66,829
- Interest + MI left
- $660,746
- First ends
- Jun 2045
New loan
New conventional
$3,831/mo
+$2,764/mo- Down payment
- $52,187
- Funds due
- $63,257
- Interest + MI left
- $676,563
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $64,713 | $64,713 | $462,713 |
| Second mortgage | — | $398,000 | — |
| First P&I | $400.67 | $400.67 | $3,134.58 |
| Second P&I | — | $2,851.32 | — |
| Mortgage insurance | $62.19 | $62.19 | $92.54 |
| Taxes, insurance & HOA | $604.33 | $604.33 | $604.33 |
| Total housing payment | $1,067.20 | $3,918.52 | $3,831.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,187
Closing costs & prepaids$14,642
Usable credit−$0
Total buyer cash needed$66,829
Earnest money paid−$0
Remaining funds due$66,829
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,149.00
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)$1,313.00
Prepaid interest, first (5 days)$32.18
Prepaid interest, second (5 days)$422.53
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing18 yr 6 moOf the original 30-year loan at 3.63%
Interest already paid$32,203Through Dec 2026
Assumption only · ends Jun 2045$32,270
Assumption + second · ends Jun 2045, second Jan 2057$660,746
New conventional · ends Jan 2057$676,563