Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,345/mo
Lowest payment- Down payment
- $93,605
- Funds due
- $105,655
- Interest + MI left
- $329,510
- First ends
- Jun 2060
Assumption
Assumption + second
$2,731/mo
+$386/mo- Down payment
- $45,605
- Funds due
- $58,965
- Interest + MI left
- $420,548
- First ends
- Jun 2060
New loan
New conventional
$3,353/mo
+$1,008/mo- Down payment
- $45,605
- Funds due
- $55,619
- Interest + MI left
- $591,292
- 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 | $404,395 |
| Second mortgage | — | $48,000 | — |
| First P&I | $1,537.57 | $1,537.57 | $2,739.51 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | $274.72 | $274.72 | $80.88 |
| Taxes, insurance & HOA | $532.50 | $532.50 | $532.50 |
| Total housing payment | $2,344.79 | $2,731.01 | $3,352.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,605
Closing costs & prepaids$13,360
Usable credit−$0
Total buyer cash needed$58,965
Earnest money paid−$0
Remaining funds due$58,965
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$1,147.50
Prepaid interest, first (5 days)$178.20
Prepaid interest, second (5 days)$59.18
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 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$420,548
New conventional · ends Jan 2057$591,292