Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,248/mo
Lowest payment- Down payment
- $426,418
- Funds due
- $439,194
- Interest + MI left
- $87,963
- First ends
- Nov 2048
Assumption
Assumption + second
$3,906/mo
+$2,658/mo- Down payment
- $55,418
- Funds due
- $69,916
- Interest + MI left
- $673,804
- First ends
- Nov 2048
New loan
New conventional
$3,852/mo
+$2,604/mo- Down payment
- $55,418
- Funds due
- $66,331
- Interest + MI left
- $723,161
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $123,582 | $123,582 | $494,582 |
| Second mortgage | — | $371,000 | — |
| First P&I | $741.95 | $741.95 | $3,350.47 |
| Second P&I | — | $2,657.89 | — |
| Mortgage insurance | $103.36 | $103.36 | $98.92 |
| Taxes, insurance & HOA | $402.75 | $402.75 | $402.75 |
| Total housing payment | $1,248.05 | $3,905.94 | $3,852.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,418
Closing costs & prepaids$14,498
Usable credit−$0
Total buyer cash needed$69,916
Earnest money paid−$0
Remaining funds due$69,916
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Initial HOA (3 months)$48.24
Prepaid interest, first (6 days)$92.03
Prepaid interest, second (6 days)$472.64
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing21 yr 11 moOf the original 30-year loan at 4.53%
Interest already paid$49,633Through Dec 2026
Assumption only · ends Nov 2048$87,963
Assumption + second · ends Nov 2048, second Jan 2057$673,804
New conventional · ends Jan 2057$723,161