Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,242/mo
Lowest payment- Down payment
- $517,803
- Funds due
- $531,242
- Interest + MI left
- $45,820
- First ends
- Dec 2042
Assumption
Assumption + second
$4,502/mo
+$3,260/mo- Down payment
- $62,803
- Funds due
- $77,588
- Interest + MI left
- $764,304
- First ends
- Dec 2042
New loan
New conventional
$4,406/mo
+$3,164/mo- Down payment
- $62,803
- Funds due
- $73,917
- Interest + MI left
- $852,610
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,197 | $107,197 | $562,197 |
| Second mortgage | — | $455,000 | — |
| First P&I | $726.60 | $726.60 | $3,892.54 |
| Second P&I | — | $3,259.68 | — |
| Mortgage insurance | $114.76 | $114.76 | $112.44 |
| Taxes, insurance & HOA | $401.00 | $401.00 | $401.00 |
| Total housing payment | $1,242.36 | $4,502.03 | $4,405.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,803
Closing costs & prepaids$14,785
Usable credit−$0
Total buyer cash needed$77,588
Earnest money paid−$0
Remaining funds due$77,588
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
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)$703.00
Prepaid interest, first (1 days)$10.25
Prepaid interest, second (1 days)$96.61
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 closing16 yr 1 moOf the original 30-year loan at 3.490%
Interest already paid$66,527Through Nov 2026
Assumption only · ends Dec 2042$45,820
Assumption + second · ends Dec 2042, second Dec 2056$764,304
New conventional · ends Dec 2056$852,610