Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$505/mo
Lowest payment- Down payment
- $649,558
- Funds due
- $663,539
- Interest + MI left
- $975
- First ends
- Feb 2064
Assumption
Assumption + second
$4,689/mo
+$4,184/mo- Down payment
- $65,558
- Funds due
- $81,657
- Interest + MI left
- $923,160
- First ends
- Feb 2064
New loan
New conventional
$4,578/mo
+$4,073/mo- Down payment
- $65,558
- Funds due
- $77,887
- Interest + MI left
- $854,551
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $442 | $442 | $584,442 |
| Second mortgage | — | $584,000 | — |
| First P&I | $3.03 | $3.03 | $3,959.21 |
| Second P&I | — | $4,183.85 | — |
| Mortgage insurance | $0.20 | $0.20 | $116.89 |
| Taxes, insurance & HOA | $501.67 | $501.67 | $501.67 |
| Total housing payment | $504.90 | $4,688.75 | $4,577.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,558
Closing costs & prepaids$16,099
Usable credit−$0
Total buyer cash needed$81,657
Earnest money paid−$0
Remaining funds due$81,657
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,500.00
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)$780.00
Initial HOA (3 months)$225.00
Prepaid interest, first (7 days)$0.66
Prepaid interest, second (7 days)$868.00
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 closing37 yr 2 moOf the original 40-year loan at 7.76%
Interest already paid$98Through Dec 2026
Assumption only · ends Feb 2064$975
Assumption + second · ends Feb 2064, second Jan 2057$923,160
New conventional · ends Jan 2057$854,551