Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,212/mo
Lowest payment- Down payment
- $351,716
- Funds due
- $363,453
- Interest + MI left
- $60,682
- First ends
- Apr 2045
Assumption
Assumption + second
$3,389/mo
+$2,178/mo- Down payment
- $47,716
- Funds due
- $60,832
- Interest + MI left
- $540,724
- First ends
- Apr 2045
New loan
New conventional
$3,373/mo
+$2,162/mo- Down payment
- $47,716
- Funds due
- $57,325
- Interest + MI left
- $648,005
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $123,284 | $123,284 | $427,284 |
| Second mortgage | — | $304,000 | — |
| First P&I | $763.24 | $763.24 | $2,958.43 |
| Second P&I | — | $2,177.89 | — |
| Mortgage insurance | $119.06 | $119.06 | $85.46 |
| Taxes, insurance & HOA | $329.25 | $329.25 | $329.25 |
| Total housing payment | $1,211.55 | $3,389.44 | $3,373.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,716
Closing costs & prepaids$13,116
Usable credit−$0
Total buyer cash needed$60,832
Earnest money paid−$0
Remaining funds due$60,832
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$487.75
Prepaid interest, first (2 days)$24.25
Prepaid interest, second (2 days)$129.10
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 closing18 yr 5 moOf the original 30-year loan at 3.590%
Interest already paid$61,291Through Nov 2026
Assumption only · ends Apr 2045$60,682
Assumption + second · ends Apr 2045, second Dec 2056$540,724
New conventional · ends Dec 2056$648,005