Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,556/mo
Lowest payment- Down payment
- $438,371
- Funds due
- $451,733
- Interest + MI left
- $50,416
- First ends
- Mar 2042
Assumption
Assumption + second
$4,300/mo
+$2,744/mo- Down payment
- $55,371
- Funds due
- $70,064
- Interest + MI left
- $655,205
- First ends
- Mar 2042
New loan
New conventional
$4,149/mo
+$2,592/mo- Down payment
- $55,371
- Funds due
- $66,468
- Interest + MI left
- $750,138
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $111,629 | $111,629 | $494,629 |
| Second mortgage | — | $383,000 | — |
| First P&I | $810.37 | $810.37 | $3,424.71 |
| Second P&I | — | $2,743.86 | — |
| Mortgage insurance | $120.82 | $120.82 | $98.93 |
| Taxes, insurance & HOA | $625.00 | $625.00 | $625.00 |
| Total housing payment | $1,556.18 | $4,300.04 | $4,148.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,371
Closing costs & prepaids$14,693
Usable credit−$0
Total buyer cash needed$70,064
Earnest money paid−$0
Remaining funds due$70,064
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$1,375.00
Prepaid interest, first (1 days)$12.11
Prepaid interest, second (1 days)$81.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4 moOf the original 30-year loan at 3.960%
Interest already paid$83,691Through Nov 2026
Assumption only · ends Mar 2042$50,416
Assumption + second · ends Mar 2042, second Dec 2056$655,205
New conventional · ends Dec 2056$750,138