Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$965/mo
Lowest payment- Down payment
- $431,885
- Funds due
- $443,927
- Interest + MI left
- $26,115
- First ends
- Jul 2039
Assumption
Assumption + second
$3,701/mo
+$2,737/mo- Down payment
- $49,885
- Funds due
- $63,258
- Interest + MI left
- $629,325
- First ends
- Jul 2039
New loan
New conventional
$3,518/mo
+$2,553/mo- Down payment
- $49,885
- Funds due
- $59,709
- Interest + MI left
- $665,860
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $57,115 | $57,115 | $439,115 |
| Second mortgage | — | $382,000 | — |
| First P&I | $507.98 | $507.98 | $3,040.34 |
| Second P&I | — | $2,736.69 | — |
| Mortgage insurance | $67.03 | $67.03 | $87.82 |
| Taxes, insurance & HOA | $389.75 | $389.75 | $389.75 |
| Total housing payment | $964.76 | $3,701.45 | $3,517.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,885
Closing costs & prepaids$13,373
Usable credit−$0
Total buyer cash needed$63,258
Earnest money paid−$0
Remaining funds due$63,258
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,890.00
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)$669.25
Prepaid interest, first (1 days)$7.82
Prepaid interest, second (1 days)$81.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing12 yr 8 moOf the original 30-year loan at 5.000%
Interest already paid$68,147Through Nov 2026
Assumption only · ends Jul 2039$26,115
Assumption + second · ends Jul 2039, second Dec 2056$629,325
New conventional · ends Dec 2056$665,860