Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,475/mo
Lowest payment- Down payment
- $431,174
- Funds due
- $443,523
- Interest + MI left
- $34,817
- First ends
- May 2036
Assumption
Assumption + second
$4,190/mo
+$2,715/mo- Down payment
- $52,174
- Funds due
- $66,255
- Interest + MI left
- $633,290
- First ends
- May 2036
New loan
New conventional
$3,607/mo
+$2,133/mo- Down payment
- $52,174
- Funds due
- $62,662
- Interest + MI left
- $676,728
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $83,826 | $83,826 | $462,826 |
| Second mortgage | — | $379,000 | — |
| First P&I | $982.03 | $982.03 | $3,135.34 |
| Second P&I | — | $2,715.20 | — |
| Mortgage insurance | $113.33 | $113.33 | $92.57 |
| Taxes, insurance & HOA | $379.34 | $379.34 | $379.34 |
| Total housing payment | $1,474.70 | $4,189.90 | $3,607.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,174
Closing costs & prepaids$14,082
Usable credit−$0
Total buyer cash needed$66,255
Earnest money paid−$0
Remaining funds due$66,255
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$618.00
Initial HOA (3 months)$20.01
Prepaid interest, first (6 days)$85.71
Prepaid interest, second (6 days)$482.84
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 closing9 yr 5 moOf the original 30-year loan at 6.22%
Interest already paid$166,387Through Dec 2026
Assumption only · ends May 2036$34,817
Assumption + second · ends May 2036, second Jan 2057$633,290
New conventional · ends Jan 2057$676,728