Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$649/mo
Lowest payment- Down payment
- $451,446
- Funds due
- $463,253
- Interest + MI left
- $21,726
- First ends
- Jul 2043
Assumption
Assumption + second
$3,521/mo
+$2,873/mo- Down payment
- $50,446
- Funds due
- $63,588
- Interest + MI left
- $654,939
- First ends
- Jul 2043
New loan
New conventional
$3,478/mo
+$2,830/mo- Down payment
- $50,446
- Funds due
- $60,035
- Interest + MI left
- $681,779
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $48,554 | $48,554 | $449,554 |
| Second mortgage | — | $401,000 | — |
| First P&I | $322.22 | $322.22 | $3,112.62 |
| Second P&I | — | $2,872.81 | — |
| Mortgage insurance | $50.45 | $50.45 | $89.91 |
| Taxes, insurance & HOA | $275.83 | $275.83 | $275.83 |
| Total housing payment | $648.51 | $3,521.32 | $3,478.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,446
Closing costs & prepaids$13,142
Usable credit−$0
Total buyer cash needed$63,588
Earnest money paid−$0
Remaining funds due$63,588
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$327.50
Prepaid interest, first (1 days)$4.74
Prepaid interest, second (1 days)$85.14
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 8 moOf the original 30-year loan at 3.560%
Interest already paid$28,885Through Nov 2026
Assumption only · ends Jul 2043$21,726
Assumption + second · ends Jul 2043, second Dec 2056$654,939
New conventional · ends Dec 2056$681,779