Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,295/mo
Lowest payment- Down payment
- $450,110
- Funds due
- $465,029
- Interest + MI left
- $74,993
- First ends
- Jan 2042
Assumption
Assumption + second
$5,074/mo
+$2,780/mo- Down payment
- $62,110
- Funds due
- $78,773
- Interest + MI left
- $687,678
- First ends
- Jan 2042
New loan
New conventional
$4,750/mo
+$2,456/mo- Down payment
- $62,110
- Funds due
- $75,150
- Interest + MI left
- $808,417
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $164,890 | $164,890 | $552,890 |
| Second mortgage | — | $388,000 | — |
| First P&I | $1,220.55 | $1,220.55 | $3,745.47 |
| Second P&I | — | $2,779.68 | — |
| Mortgage insurance | $179.57 | $179.57 | $110.58 |
| Taxes, insurance & HOA | $894.42 | $894.42 | $894.42 |
| Total housing payment | $2,294.53 | $5,074.21 | $4,750.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,110
Closing costs & prepaids$16,663
Usable credit−$0
Total buyer cash needed$78,773
Earnest money paid−$0
Remaining funds due$78,773
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,150.00
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)$2,183.25
Prepaid interest, first (6 days)$110.32
Prepaid interest, second (6 days)$494.30
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing15 yr 1 moOf the original 30-year loan at 4.07%
Interest already paid$129,858Through Dec 2026
Assumption only · ends Jan 2042$74,993
Assumption + second · ends Jan 2042, second Jan 2057$687,678
New conventional · ends Jan 2057$808,417