Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,171/mo
Lowest payment- Down payment
- $524,256
- Funds due
- $538,259
- Interest + MI left
- $42,269
- First ends
- May 2035
Assumption
Assumption + second
$5,460/mo
+$3,288/mo- Down payment
- $65,256
- Funds due
- $81,191
- Interest + MI left
- $767,068
- First ends
- May 2035
New loan
New conventional
$4,526/mo
+$2,355/mo- Down payment
- $65,256
- Funds due
- $77,475
- Interest + MI left
- $847,682
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $120,744 | $120,744 | $579,744 |
| Second mortgage | — | $459,000 | — |
| First P&I | $1,503.77 | $1,503.77 | $3,927.39 |
| Second P&I | — | $3,288.33 | — |
| Mortgage insurance | $184.93 | $184.93 | $115.95 |
| Taxes, insurance & HOA | $482.67 | $482.67 | $482.67 |
| Total housing payment | $2,171.37 | $5,459.70 | $4,526.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,256
Closing costs & prepaids$15,936
Usable credit−$0
Total buyer cash needed$81,191
Earnest money paid−$0
Remaining funds due$81,191
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,450.00
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)$774.00
Initial HOA (3 months)$174.00
Prepaid interest, first (7 days)$130.37
Prepaid interest, second (7 days)$682.21
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 closing8 yr 5 moOf the original 30-year loan at 5.63%
Interest already paid$249,137Through Dec 2026
Assumption only · ends May 2035$42,269
Assumption + second · ends May 2035, second Jan 2057$767,068
New conventional · ends Jan 2057$847,682