Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,482/mo
Lowest payment- Down payment
- $437,952
- Funds due
- $451,321
- Interest + MI left
- $47,735
- First ends
- May 2043
Assumption
Assumption + second
$4,218/mo
+$2,737/mo- Down payment
- $55,952
- Funds due
- $70,734
- Interest + MI left
- $650,945
- First ends
- May 2043
New loan
New conventional
$4,144/mo
+$2,662/mo- Down payment
- $55,952
- Funds due
- $67,142
- Interest + MI left
- $749,007
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $111,948 | $111,948 | $493,948 |
| Second mortgage | — | $382,000 | — |
| First P&I | $738.41 | $738.41 | $3,420.00 |
| Second P&I | — | $2,736.69 | — |
| Mortgage insurance | $118.24 | $118.24 | $98.79 |
| Taxes, insurance & HOA | $624.92 | $624.92 | $624.92 |
| Total housing payment | $1,481.56 | $4,218.26 | $4,143.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,952
Closing costs & prepaids$14,782
Usable credit−$0
Total buyer cash needed$70,734
Earnest money paid−$0
Remaining funds due$70,734
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,499.00
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)$1,374.75
Prepaid interest, first (2 days)$20.73
Prepaid interest, second (2 days)$162.22
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 closing16 yr 6 moOf the original 30-year loan at 3.380%
Interest already paid$64,650Through Nov 2026
Assumption only · ends May 2043$47,735
Assumption + second · ends May 2043, second Dec 2056$650,945
New conventional · ends Dec 2056$749,007