Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,008/mo
Lowest payment- Down payment
- $494,458
- Funds due
- $507,516
- Interest + MI left
- $61,738
- First ends
- Apr 2047
Assumption
Assumption + second
$4,139/mo
+$3,131/mo- Down payment
- $57,458
- Funds due
- $72,323
- Interest + MI left
- $751,798
- First ends
- Apr 2047
New loan
New conventional
$3,994/mo
+$2,986/mo- Down payment
- $57,458
- Funds due
- $68,666
- Interest + MI left
- $742,740
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $71,042 | $71,042 | $508,042 |
| Second mortgage | — | $437,000 | — |
| First P&I | $522.08 | $522.08 | $3,441.65 |
| Second P&I | — | $3,130.72 | — |
| Mortgage insurance | $35.11 | $35.11 | $101.61 |
| Taxes, insurance & HOA | $450.83 | $450.83 | $450.83 |
| Total housing payment | $1,008.02 | $4,138.75 | $3,994.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,458
Closing costs & prepaids$14,864
Usable credit−$0
Total buyer cash needed$72,323
Earnest money paid−$0
Remaining funds due$72,323
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,655.00
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)$678.50
Initial HOA (3 months)$174.00
Prepaid interest, first (6 days)$74.97
Prepaid interest, second (6 days)$556.73
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 closing20 yr 4 moOf the original 24-year loan at 6.42%
Interest already paid$17,417Through Dec 2026
Assumption only · ends Apr 2047$61,738
Assumption + second · ends Apr 2047, second Jan 2057$751,798
New conventional · ends Jan 2057$742,740