Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,514/mo
Lowest payment- Down payment
- $472,884
- Funds due
- $486,692
- Interest + MI left
- $48,126
- First ends
- May 2043
Assumption
Assumption + second
$4,480/mo
+$2,966/mo- Down payment
- $58,884
- Funds due
- $74,118
- Interest + MI left
- $701,866
- First ends
- May 2043
New loan
New conventional
$4,402/mo
+$2,889/mo- Down payment
- $58,884
- Funds due
- $70,496
- Interest + MI left
- $797,890
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,116 | $112,116 | $526,116 |
| Second mortgage | — | $414,000 | — |
| First P&I | $741.18 | $741.18 | $3,642.72 |
| Second P&I | — | $2,965.95 | — |
| Mortgage insurance | $118.24 | $118.24 | $105.22 |
| Taxes, insurance & HOA | $654.17 | $654.17 | $654.17 |
| Total housing payment | $1,513.59 | $4,479.53 | $4,402.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,884
Closing costs & prepaids$15,234
Usable credit−$0
Total buyer cash needed$74,118
Earnest money paid−$0
Remaining funds due$74,118
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,850.00
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)$1,462.50
Prepaid interest, first (2 days)$20.95
Prepaid interest, second (2 days)$175.81
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 closing16 yr 6 moOf the original 30-year loan at 3.410%
Interest already paid$65,268Through Nov 2026
Assumption only · ends May 2043$48,126
Assumption + second · ends May 2043, second Dec 2056$701,866
New conventional · ends Dec 2056$797,890