Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,239/mo
Lowest payment- Down payment
- $80,420
- Funds due
- $94,021
- Interest + MI left
- $423,231
- First ends
- Nov 2055
Assumption
Assumption + second
$3,758/mo
+$520/mo- Down payment
- $29,420
- Funds due
- $44,371
- Interest + MI left
- $559,320
- First ends
- Nov 2055
New loan
New conventional
$4,349/mo
+$1,111/mo- Down payment
- $29,420
- Funds due
- $41,231
- Interest + MI left
- $815,350
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $504,580 | $504,580 | $555,580 |
| Second mortgage | — | $51,000 | — |
| First P&I | $2,528.49 | $2,528.49 | $3,763.69 |
| Second P&I | — | $519.69 | — |
| Mortgage insurance | $235.58 | $235.58 | $111.12 |
| Taxes, insurance & HOA | $474.67 | $474.67 | $474.67 |
| Total housing payment | $3,238.73 | $3,758.43 | $4,349.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,420
Closing costs & prepaids$14,951
Usable credit−$0
Total buyer cash needed$44,371
Earnest money paid−$0
Remaining funds due$44,371
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,850.00
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)$702.00
Initial HOA (3 months)$222.00
Prepaid interest, first (6 days)$352.51
Prepaid interest, second (6 days)$99.55
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 closing28 yr 11 moOf the original 30-year loan at 4.25%
Interest already paid$23,466Through Dec 2026
Assumption only · ends Nov 2055$423,231
Assumption + second · ends Nov 2055, second Jan 2057$559,320
New conventional · ends Jan 2057$815,350