Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,359/mo
Lowest payment- Down payment
- $363,135
- Funds due
- $374,040
- Interest + MI left
- $17,602
- First ends
- Jun 2034
Assumption
Assumption + second
$3,637/mo
+$2,278/mo- Down payment
- $45,135
- Funds due
- $57,357
- Interest + MI left
- $519,750
- First ends
- Jun 2034
New loan
New conventional
$3,072/mo
+$1,714/mo- Down payment
- $45,135
- Funds due
- $53,861
- Interest + MI left
- $606,342
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $81,865 | $81,865 | $399,865 |
| Second mortgage | — | $318,000 | — |
| First P&I | $1,033.85 | $1,033.85 | $2,768.58 |
| Second P&I | — | $2,278.19 | — |
| Mortgage insurance | $100.91 | $100.91 | $79.97 |
| Taxes, insurance & HOA | $223.75 | $223.75 | $223.75 |
| Total housing payment | $1,358.50 | $3,636.69 | $3,072.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,135
Closing costs & prepaids$12,222
Usable credit−$0
Total buyer cash needed$57,357
Earnest money paid−$0
Remaining funds due$57,357
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$221.25
Prepaid interest, first (1 days)$8.34
Prepaid interest, second (1 days)$67.52
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 closing7 yr 7 moOf the original 15-year loan at 3.720%
Interest already paid$31,422Through Nov 2026
Assumption only · ends Jun 2034$17,602
Assumption + second · ends Jun 2034, second Dec 2056$519,750
New conventional · ends Dec 2056$606,342