Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,367/mo
Lowest payment- Down payment
- $492,345
- Funds due
- $505,791
- Interest + MI left
- $49,154
- First ends
- Jun 2042
Assumption
Assumption + second
$4,462/mo
+$3,095/mo- Down payment
- $60,345
- Funds due
- $75,224
- Interest + MI left
- $731,318
- First ends
- Jun 2042
New loan
New conventional
$4,323/mo
+$2,957/mo- Down payment
- $60,345
- Funds due
- $71,583
- Interest + MI left
- $816,907
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $106,655 | $106,655 | $538,655 |
| Second mortgage | — | $432,000 | — |
| First P&I | $766.84 | $766.84 | $3,729.54 |
| Second P&I | — | $3,094.90 | — |
| Mortgage insurance | $113.91 | $113.91 | $107.73 |
| Taxes, insurance & HOA | $485.92 | $485.92 | $485.92 |
| Total housing payment | $1,366.67 | $4,461.57 | $4,323.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,345
Closing costs & prepaids$14,880
Usable credit−$0
Total buyer cash needed$75,224
Earnest money paid−$0
Remaining funds due$75,224
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,990.00
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)$957.75
Prepaid interest, first (2 days)$23.32
Prepaid interest, second (2 days)$183.45
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 7 moOf the original 30-year loan at 3.990%
Interest already paid$78,501Through Nov 2026
Assumption only · ends Jun 2042$49,154
Assumption + second · ends Jun 2042, second Dec 2056$731,318
New conventional · ends Dec 2056$816,907