Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,196/mo
Lowest payment- Down payment
- $495,000
- Funds due
- $508,219
- Interest + MI left
- $0
- First ends
- Jul 2024
Assumption
Assumption + second
$4,384/mo
+$3,188/mo- Down payment
- $50,000
- Funds due
- $65,036
- Interest + MI left
- $702,692
- First ends
- Jul 2024
New loan
New conventional
$3,868/mo
+$2,672/mo- Down payment
- $50,000
- Funds due
- $61,444
- Interest + MI left
- $650,664
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $0 | $0 | $445,000 |
| Second mortgage | — | $445,000 | — |
| First P&I | $431.51 | $431.51 | $3,014.59 |
| Second P&I | — | $3,188.03 | — |
| Mortgage insurance | — | — | $89.00 |
| Taxes, insurance & HOA | $764.67 | $764.67 | $764.67 |
| Total housing payment | $1,196.18 | $4,384.21 | $3,868.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,000
Closing costs & prepaids$15,036
Usable credit−$0
Total buyer cash needed$65,036
Earnest money paid−$0
Remaining funds due$65,036
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,950.00
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)$594.00
Initial HOA (3 months)$1,200.00
Prepaid interest, second (6 days)$566.92
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 closing0 moOf the original 30-year loan at 4.96%
Interest already paid$74,594Through Jul 2024
Assumption only · ends Jul 2024$0
Assumption + second · ends Jul 2024, second Jan 2057$702,692
New conventional · ends Jan 2057$650,664