Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,500/mo
Lowest payment- Down payment
- $426,578
- Funds due
- $439,401
- Interest + MI left
- $60,107
- First ends
- Oct 2041
Assumption
Assumption + second
$4,157/mo
+$2,658/mo- Down payment
- $55,578
- Funds due
- $70,202
- Interest + MI left
- $645,947
- First ends
- Oct 2041
New loan
New conventional
$3,862/mo
+$2,363/mo- Down payment
- $55,578
- Funds due
- $66,619
- Interest + MI left
- $722,927
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $123,422 | $123,422 | $494,422 |
| Second mortgage | — | $371,000 | — |
| First P&I | $952.87 | $952.87 | $3,349.39 |
| Second P&I | — | $2,657.89 | — |
| Mortgage insurance | $132.90 | $132.90 | $98.88 |
| Taxes, insurance & HOA | $413.75 | $413.75 | $413.75 |
| Total housing payment | $1,499.51 | $4,157.40 | $3,862.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,578
Closing costs & prepaids$14,625
Usable credit−$0
Total buyer cash needed$70,202
Earnest money paid−$0
Remaining funds due$70,202
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Initial HOA (3 months)$81.24
Prepaid interest, first (7 days)$106.99
Prepaid interest, second (7 days)$551.42
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 closing14 yr 10 moOf the original 30-year loan at 4.52%
Interest already paid$109,225Through Dec 2026
Assumption only · ends Oct 2041$60,107
Assumption + second · ends Oct 2041, second Jan 2057$645,947
New conventional · ends Jan 2057$722,927