Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$980/mo
Lowest payment- Down payment
- $422,599
- Funds due
- $434,789
- Interest + MI left
- $66,331
- First ends
- Nov 2048
Assumption
Assumption + second
$3,630/mo
+$2,651/mo- Down payment
- $52,599
- Funds due
- $66,196
- Interest + MI left
- $650,592
- First ends
- Nov 2048
New loan
New conventional
$3,645/mo
+$2,665/mo- Down payment
- $52,599
- Funds due
- $62,627
- Interest + MI left
- $702,686
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $93,401 | $93,401 | $463,401 |
| Second mortgage | — | $370,000 | — |
| First P&I | $557.96 | $557.96 | $3,208.49 |
| Second P&I | — | $2,650.73 | — |
| Mortgage insurance | $78.00 | $78.00 | $92.68 |
| Taxes, insurance & HOA | $343.75 | $343.75 | $343.75 |
| Total housing payment | $979.71 | $3,630.44 | $3,644.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,599
Closing costs & prepaids$13,596
Usable credit−$0
Total buyer cash needed$66,196
Earnest money paid−$0
Remaining funds due$66,196
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,160.00
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)$531.25
Prepaid interest, first (2 days)$23.03
Prepaid interest, second (2 days)$157.12
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 closing22 yrOf the original 30-year loan at 4.500%
Interest already paid$36,845Through Nov 2026
Assumption only · ends Nov 2048$66,331
Assumption + second · ends Nov 2048, second Dec 2056$650,592
New conventional · ends Dec 2056$702,686