Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$990/mo
Lowest payment- Down payment
- $447,013
- Funds due
- $459,280
- Interest + MI left
- $26,493
- First ends
- Dec 2038
Assumption
Assumption + second
$3,834/mo
+$2,844/mo- Down payment
- $50,013
- Funds due
- $64,036
- Interest + MI left
- $653,389
- First ends
- Dec 2038
New loan
New conventional
$3,552/mo
+$2,562/mo- Down payment
- $50,013
- Funds due
- $60,459
- Interest + MI left
- $657,955
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $52,987 | $52,987 | $449,987 |
| Second mortgage | — | $397,000 | — |
| First P&I | $515.15 | $515.15 | $3,048.37 |
| Second P&I | — | $2,844.16 | — |
| Mortgage insurance | $61.32 | $61.32 | $90.00 |
| Taxes, insurance & HOA | $413.34 | $413.34 | $413.34 |
| Total housing payment | $989.81 | $3,833.97 | $3,551.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,013
Closing costs & prepaids$14,022
Usable credit−$0
Total buyer cash needed$64,036
Earnest money paid−$0
Remaining funds due$64,036
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$600.00
Initial HOA (3 months)$140.01
Prepaid interest, first (6 days)$51.65
Prepaid interest, second (6 days)$505.77
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 closing12 yrOf the original 30-year loan at 5.93%
Interest already paid$77,688Through Dec 2026
Assumption only · ends Dec 2038$26,493
Assumption + second · ends Dec 2038, second Jan 2057$653,389
New conventional · ends Jan 2057$657,955