Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$627/mo
Lowest payment- Down payment
- $588,878
- Funds due
- $602,269
- Interest + MI left
- $15,742
- First ends
- Jun 2045
Assumption
Assumption + second
$4,395/mo
+$3,768/mo- Down payment
- $62,878
- Funds due
- $77,631
- Interest + MI left
- $846,340
- First ends
- Jun 2045
New loan
New conventional
$4,373/mo
+$3,746/mo- Down payment
- $62,878
- Funds due
- $73,951
- Interest + MI left
- $844,650
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $31,022 | $31,022 | $557,022 |
| Second mortgage | — | $526,000 | — |
| First P&I | $192.42 | $192.42 | $3,856.71 |
| Second P&I | — | $3,768.33 | — |
| Mortgage insurance | $29.65 | $29.65 | $111.40 |
| Taxes, insurance & HOA | $404.83 | $404.83 | $404.83 |
| Total housing payment | $626.91 | $4,395.23 | $4,372.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,878
Closing costs & prepaids$14,753
Usable credit−$0
Total buyer cash needed$77,631
Earnest money paid−$0
Remaining funds due$77,631
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,199.00
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)$714.50
Prepaid interest, first (1 days)$3.14
Prepaid interest, second (1 days)$111.68
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 closing18 yr 7 moOf the original 30-year loan at 3.690%
Interest already paid$15,527Through Nov 2026
Assumption only · ends Jun 2045$15,742
Assumption + second · ends Jun 2045, second Dec 2056$846,340
New conventional · ends Dec 2056$844,650