Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,037/mo
Lowest payment- Down payment
- $409,604
- Funds due
- $421,616
- Interest + MI left
- $58,310
- First ends
- Feb 2046
Assumption
Assumption + second
$3,601/mo
+$2,565/mo- Down payment
- $51,604
- Funds due
- $65,018
- Interest + MI left
- $623,622
- First ends
- Feb 2046
New loan
New conventional
$3,589/mo
+$2,552/mo- Down payment
- $51,604
- Funds due
- $61,465
- Interest + MI left
- $702,620
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $105,296 | $105,296 | $463,296 |
| Second mortgage | — | $358,000 | — |
| First P&I | $651.04 | $651.04 | $3,207.77 |
| Second P&I | — | $2,564.76 | — |
| Mortgage insurance | $97.30 | $97.30 | $92.66 |
| Taxes, insurance & HOA | $288.33 | $288.33 | $288.33 |
| Total housing payment | $1,036.68 | $3,601.43 | $3,588.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,604
Closing costs & prepaids$13,414
Usable credit−$0
Total buyer cash needed$65,018
Earnest money paid−$0
Remaining funds due$65,018
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,149.00
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)$365.00
Prepaid interest, first (2 days)$22.73
Prepaid interest, second (2 days)$152.03
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 closing19 yr 3 moOf the original 30-year loan at 3.940%
Interest already paid$51,919Through Nov 2026
Assumption only · ends Feb 2046$58,310
Assumption + second · ends Feb 2046, second Dec 2056$623,622
New conventional · ends Dec 2056$702,620