Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$667/mo
Lowest payment- Down payment
- $430,096
- Funds due
- $441,936
- Interest + MI left
- $26,608
- First ends
- Mar 2047
Assumption
Assumption + second
$3,404/mo
+$2,737/mo- Down payment
- $48,096
- Funds due
- $61,916
- Interest + MI left
- $629,818
- First ends
- Mar 2047
New loan
New conventional
$3,334/mo
+$2,667/mo- Down payment
- $48,096
- Funds due
- $58,366
- Interest + MI left
- $624,204
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $44,904 | $44,904 | $426,904 |
| Second mortgage | — | $382,000 | — |
| First P&I | $270.63 | $270.63 | $2,892.00 |
| Second P&I | — | $2,736.69 | — |
| Mortgage insurance | $40.01 | $40.01 | $85.38 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $667.30 | $3,404.00 | $3,334.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,096
Closing costs & prepaids$13,820
Usable credit−$0
Total buyer cash needed$61,916
Earnest money paid−$0
Remaining funds due$61,916
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$570.00
Prepaid interest, first (9 days)$44.62
Prepaid interest, second (9 days)$729.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 yr 3 moOf the original 30-year loan at 4.03%
Interest already paid$20,086Through Dec 2026
Assumption only · ends Mar 2047$26,608
Assumption + second · ends Mar 2047, second Jan 2057$629,818
New conventional · ends Jan 2057$624,204