Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$589/mo
Lowest payment- Down payment
- $597,655
- Funds due
- $611,206
- Interest + MI left
- $38,305
- First ends
- Nov 2064
Assumption
Assumption + second
$4,421/mo
+$3,833/mo- Down payment
- $62,655
- Funds due
- $78,137
- Interest + MI left
- $883,115
- First ends
- Nov 2064
New loan
New conventional
$4,335/mo
+$3,746/mo- Down payment
- $62,655
- Funds due
- $74,414
- Interest + MI left
- $813,468
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $21,345 | $21,345 | $556,345 |
| Second mortgage | — | $535,000 | — |
| First P&I | $124.20 | $124.20 | $3,768.87 |
| Second P&I | — | $3,832.81 | — |
| Mortgage insurance | $9.90 | $9.90 | $111.27 |
| Taxes, insurance & HOA | $454.58 | $454.58 | $454.58 |
| Total housing payment | $588.69 | $4,421.49 | $4,334.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,655
Closing costs & prepaids$15,483
Usable credit−$0
Total buyer cash needed$78,137
Earnest money paid−$0
Remaining funds due$78,137
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,190.00
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)$742.75
Initial HOA (3 months)$120.99
Prepaid interest, first (6 days)$22.28
Prepaid interest, second (6 days)$681.58
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 closing37 yr 11 moOf the original 40-year loan at 6.35%
Interest already paid$2,842Through Dec 2026
Assumption only · ends Nov 2064$38,305
Assumption + second · ends Nov 2064, second Jan 2057$883,115
New conventional · ends Jan 2057$813,468