Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$584/mo
Lowest payment- Down payment
- $429,977
- Funds due
- $441,533
- Interest + MI left
- $26,783
- First ends
- Mar 2047
Assumption
Assumption + second
$3,321/mo
+$2,737/mo- Down payment
- $47,977
- Funds due
- $60,945
- Interest + MI left
- $629,994
- First ends
- Mar 2047
New loan
New conventional
$3,316/mo
+$2,731/mo- Down payment
- $47,977
- Funds due
- $57,416
- Interest + MI left
- $647,524
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $45,023 | $45,023 | $427,023 |
| Second mortgage | — | $382,000 | — |
| First P&I | $270.63 | $270.63 | $2,956.62 |
| Second P&I | — | $2,736.69 | — |
| Mortgage insurance | $40.01 | $40.01 | $85.40 |
| Taxes, insurance & HOA | $273.58 | $273.58 | $273.58 |
| Total housing payment | $584.22 | $3,320.91 | $3,315.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,977
Closing costs & prepaids$12,968
Usable credit−$0
Total buyer cash needed$60,945
Earnest money paid−$0
Remaining funds due$60,945
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$320.75
Prepaid interest, first (2 days)$9.94
Prepaid interest, second (2 days)$162.22
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing20 yr 4 moOf the original 30-year loan at 4.030%
Interest already paid$19,935Through Nov 2026
Assumption only · ends Mar 2047$26,783
Assumption + second · ends Mar 2047, second Dec 2056$629,994
New conventional · ends Dec 2056$647,524