Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,611/mo
Lowest payment- Down payment
- $451,204
- Funds due
- $464,570
- Interest + MI left
- $63,463
- First ends
- Jul 2042
Assumption
Assumption + second
$4,419/mo
+$2,808/mo- Down payment
- $59,204
- Funds due
- $74,320
- Interest + MI left
- $682,463
- First ends
- Jul 2042
New loan
New conventional
$4,169/mo
+$2,558/mo- Down payment
- $59,204
- Funds due
- $70,714
- Interest + MI left
- $776,110
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $138,795 | $138,795 | $530,795 |
| Second mortgage | — | $392,000 | — |
| First P&I | $995.12 | $995.12 | $3,595.79 |
| Second P&I | — | $2,808.34 | — |
| Mortgage insurance | $148.54 | $148.54 | $106.16 |
| Taxes, insurance & HOA | $467.00 | $467.00 | $467.00 |
| Total housing payment | $1,610.66 | $4,419.00 | $4,168.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,204
Closing costs & prepaids$15,115
Usable credit−$0
Total buyer cash needed$74,320
Earnest money paid−$0
Remaining funds due$74,320
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,899.99
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)$708.00
Initial HOA (3 months)$192.99
Prepaid interest, first (6 days)$90.12
Prepaid interest, second (6 days)$499.40
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 closing15 yr 7 moOf the original 30-year loan at 3.95%
Interest already paid$101,247Through Dec 2026
Assumption only · ends Jul 2042$63,463
Assumption + second · ends Jul 2042, second Jan 2057$682,463
New conventional · ends Jan 2057$776,110