Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,319/mo
Lowest payment- Down payment
- $407,023
- Funds due
- $419,009
- Interest + MI left
- $12,526
- First ends
- Apr 2033
Assumption
Assumption + second
$3,913/mo
+$2,593/mo- Down payment
- $45,023
- Funds due
- $58,336
- Interest + MI left
- $584,155
- First ends
- Apr 2033
New loan
New conventional
$3,453/mo
+$2,133/mo- Down payment
- $45,023
- Funds due
- $54,834
- Interest + MI left
- $614,023
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $42,877 | $42,877 | $404,877 |
| Second mortgage | — | $362,000 | — |
| First P&I | $671.26 | $671.26 | $2,803.29 |
| Second P&I | — | $2,593.41 | — |
| Mortgage insurance | $79.73 | $79.73 | $80.98 |
| Taxes, insurance & HOA | $568.33 | $568.33 | $568.33 |
| Total housing payment | $1,319.32 | $3,912.74 | $3,452.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,023
Closing costs & prepaids$13,313
Usable credit−$0
Total buyer cash needed$58,336
Earnest money paid−$0
Remaining funds due$58,336
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,255.00
Prepaid interest, first (1 days)$6.99
Prepaid interest, second (1 days)$76.86
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 closing6 yr 5 moOf the original 30-year loan at 5.950%
Interest already paid$120,280Through Nov 2026
Assumption only · ends Apr 2033$12,526
Assumption + second · ends Apr 2033, second Dec 2056$584,155
New conventional · ends Dec 2056$614,023