Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,035/mo
Lowest payment- Down payment
- $461,308
- Funds due
- $473,125
- Interest + MI left
- $2,193
- First ends
- Dec 2028
Assumption
Assumption + second
$3,994/mo
+$2,959/mo- Down payment
- $48,308
- Funds due
- $62,164
- Interest + MI left
- $654,355
- First ends
- Dec 2028
New loan
New conventional
$3,333/mo
+$2,298/mo- Down payment
- $48,308
- Funds due
- $58,575
- Interest + MI left
- $623,809
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $13,692 | $13,692 | $426,692 |
| Second mortgage | — | $413,000 | — |
| First P&I | $610.56 | $610.56 | $2,890.56 |
| Second P&I | — | $2,958.78 | — |
| Mortgage insurance | $67.72 | $67.72 | $85.34 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $1,034.94 | $3,993.72 | $3,332.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,308
Closing costs & prepaids$13,857
Usable credit−$0
Total buyer cash needed$62,164
Earnest money paid−$0
Remaining funds due$62,164
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)$22.28
Prepaid interest, second (9 days)$789.23
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 closing2 yrOf the original 30-year loan at 6.6%
Interest already paid$123,240Through Dec 2026
Assumption only · ends Dec 2028$2,193
Assumption + second · ends Dec 2028, second Jan 2057$654,355
New conventional · ends Jan 2057$623,809