Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$661/mo
Lowest payment- Down payment
- $410,827
- Funds due
- $422,599
- Interest + MI left
- $3,659
- First ends
- Oct 2044
Assumption
Assumption + second
$3,298/mo
+$2,636/mo- Down payment
- $42,827
- Funds due
- $56,005
- Interest + MI left
- $584,762
- First ends
- Oct 2044
New loan
New conventional
$3,285/mo
+$2,624/mo- Down payment
- $42,827
- Funds due
- $52,521
- Interest + MI left
- $571,736
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $9,043 | $9,043 | $377,043 |
| Second mortgage | — | $368,000 | — |
| First P&I | $54.55 | $54.55 | $2,610.57 |
| Second P&I | — | $2,636.40 | — |
| Mortgage insurance | $7.90 | $7.90 | $75.41 |
| Taxes, insurance & HOA | $598.67 | $598.67 | $598.67 |
| Total housing payment | $661.12 | $3,297.52 | $3,284.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,827
Closing costs & prepaids$13,177
Usable credit−$0
Total buyer cash needed$56,005
Earnest money paid−$0
Remaining funds due$56,005
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,198.70
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,346.00
Prepaid interest, first (2 days)$1.50
Prepaid interest, second (2 days)$156.27
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 closing17 yr 11 moOf the original 24-year loan at 3.030%
Interest already paid$1,870Through Nov 2026
Assumption only · ends Oct 2044$3,659
Assumption + second · ends Oct 2044, second Dec 2056$584,762
New conventional · ends Dec 2056$571,736