Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,176/mo
Lowest payment- Down payment
- $449,834
- Funds due
- $463,787
- Interest + MI left
- $83,074
- First ends
- Oct 2040
Assumption
Assumption + second
$4,942/mo
+$2,765/mo- Down payment
- $63,834
- Funds due
- $79,611
- Interest + MI left
- $692,600
- First ends
- Oct 2040
New loan
New conventional
$4,455/mo
+$2,279/mo- Down payment
- $63,834
- Funds due
- $75,970
- Interest + MI left
- $827,828
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,166 | $180,166 | $566,166 |
| Second mortgage | — | $386,000 | — |
| First P&I | $1,466.31 | $1,466.31 | $3,835.41 |
| Second P&I | — | $2,765.35 | — |
| Mortgage insurance | $203.31 | $203.31 | $113.23 |
| Taxes, insurance & HOA | $506.67 | $506.67 | $506.67 |
| Total housing payment | $2,176.29 | $4,941.64 | $4,455.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,834
Closing costs & prepaids$15,777
Usable credit−$0
Total buyer cash needed$79,611
Earnest money paid−$0
Remaining funds due$79,611
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,300.00
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)$756.00
Initial HOA (3 months)$264.00
Prepaid interest, first (7 days)$157.90
Prepaid interest, second (7 days)$573.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing13 yr 10 moOf the original 30-year loan at 4.57%
Interest already paid$177,598Through Dec 2026
Assumption only · ends Oct 2040$83,074
Assumption + second · ends Oct 2040, second Jan 2057$692,600
New conventional · ends Jan 2057$827,828