Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,350/mo
Lowest payment- Down payment
- $488,530
- Funds due
- $502,014
- Interest + MI left
- $48,168
- First ends
- Mar 2043
Assumption
Assumption + second
$4,417/mo
+$3,066/mo- Down payment
- $60,530
- Funds due
- $75,809
- Interest + MI left
- $724,016
- First ends
- Mar 2043
New loan
New conventional
$4,244/mo
+$2,894/mo- Down payment
- $60,530
- Funds due
- $72,181
- Interest + MI left
- $788,794
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $111,470 | $111,470 | $539,470 |
| Second mortgage | — | $428,000 | — |
| First P&I | $750.34 | $750.34 | $3,654.56 |
| Second P&I | — | $3,066.24 | — |
| Mortgage insurance | $118.36 | $118.36 | $107.89 |
| Taxes, insurance & HOA | $481.67 | $481.67 | $481.67 |
| Total housing payment | $1,350.37 | $4,416.61 | $4,244.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,530
Closing costs & prepaids$15,279
Usable credit−$0
Total buyer cash needed$75,809
Earnest money paid−$0
Remaining funds due$75,809
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,000.00
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)$720.00
Initial HOA (3 months)$225.00
Prepaid interest, first (6 days)$64.13
Prepaid interest, second (6 days)$545.26
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 closing16 yr 3 moOf the original 30-year loan at 3.5%
Interest already paid$68,179Through Dec 2026
Assumption only · ends Mar 2043$48,168
Assumption + second · ends Mar 2043, second Jan 2057$724,016
New conventional · ends Jan 2057$788,794