Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$365/mo
Lowest payment- Down payment
- $459,776
- Funds due
- $471,397
- Interest + MI left
- $2,279
- First ends
- Nov 2046
Assumption
Assumption + second
$3,324/mo
+$2,959/mo- Down payment
- $46,776
- Funds due
- $59,735
- Interest + MI left
- $654,441
- First ends
- Nov 2046
New loan
New conventional
$3,311/mo
+$2,946/mo- Down payment
- $46,776
- Funds due
- $56,214
- Interest + MI left
- $634,265
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $5,224 | $5,224 | $418,224 |
| Second mortgage | — | $413,000 | — |
| First P&I | $28.71 | $28.71 | $2,895.70 |
| Second P&I | — | $2,958.78 | — |
| Mortgage insurance | $4.45 | $4.45 | $83.64 |
| Taxes, insurance & HOA | $331.83 | $331.83 | $331.83 |
| Total housing payment | $365.00 | $3,323.78 | $3,311.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,776
Closing costs & prepaids$12,959
Usable credit−$0
Total buyer cash needed$59,735
Earnest money paid−$0
Remaining funds due$59,735
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
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)$495.50
Prepaid interest, first (1 days)$0.42
Prepaid interest, second (1 days)$87.69
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 closing20 yrOf the original 26-year loan at 2.900%
Interest already paid$1,005Through Nov 2026
Assumption only · ends Nov 2046$2,279
Assumption + second · ends Nov 2046, second Dec 2056$654,441
New conventional · ends Dec 2056$634,265