Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,115/mo
Lowest payment- Down payment
- $400,615
- Funds due
- $412,979
- Interest + MI left
- $30,460
- First ends
- Sep 2042
Assumption
Assumption + second
$3,644/mo
+$2,529/mo- Down payment
- $47,615
- Funds due
- $61,379
- Interest + MI left
- $587,876
- First ends
- Sep 2042
New loan
New conventional
$3,567/mo
+$2,452/mo- Down payment
- $47,615
- Funds due
- $57,860
- Interest + MI left
- $640,491
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $69,385 | $69,385 | $422,385 |
| Second mortgage | — | $353,000 | — |
| First P&I | $482.39 | $482.39 | $2,924.51 |
| Second P&I | — | $2,528.94 | — |
| Mortgage insurance | $74.42 | $74.42 | $84.48 |
| Taxes, insurance & HOA | $558.33 | $558.33 | $558.33 |
| Total housing payment | $1,115.14 | $3,644.08 | $3,567.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,615
Closing costs & prepaids$13,764
Usable credit−$0
Total buyer cash needed$61,379
Earnest money paid−$0
Remaining funds due$61,379
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
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)$1,175.00
Prepaid interest, first (2 days)$13.99
Prepaid interest, second (2 days)$149.90
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 closing15 yr 10 moOf the original 30-year loan at 3.680%
Interest already paid$46,330Through Nov 2026
Assumption only · ends Sep 2042$30,460
Assumption + second · ends Sep 2042, second Dec 2056$587,876
New conventional · ends Dec 2056$640,491