Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$941/mo
Lowest payment- Down payment
- $393,309
- Funds due
- $404,711
- Interest + MI left
- $25,386
- First ends
- Jul 2039
Assumption
Assumption + second
$3,434/mo
+$2,493/mo- Down payment
- $45,309
- Funds due
- $58,035
- Interest + MI left
- $574,908
- First ends
- Jul 2039
New loan
New conventional
$3,256/mo
+$2,315/mo- Down payment
- $45,309
- Funds due
- $54,532
- Interest + MI left
- $613,741
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $56,691 | $56,691 | $404,691 |
| Second mortgage | — | $348,000 | — |
| First P&I | $500.49 | $500.49 | $2,802.00 |
| Second P&I | — | $2,493.11 | — |
| Mortgage insurance | $67.03 | $67.03 | $80.94 |
| Taxes, insurance & HOA | $373.08 | $373.08 | $373.08 |
| Total housing payment | $940.60 | $3,433.71 | $3,256.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,309
Closing costs & prepaids$12,726
Usable credit−$0
Total buyer cash needed$58,035
Earnest money paid−$0
Remaining funds due$58,035
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$669.25
Prepaid interest, first (1 days)$7.56
Prepaid interest, second (1 days)$73.89
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 closing12 yr 8 moOf the original 30-year loan at 4.870%
Interest already paid$66,165Through Nov 2026
Assumption only · ends Jul 2039$25,386
Assumption + second · ends Jul 2039, second Dec 2056$574,908
New conventional · ends Dec 2056$613,741