Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,485/mo
Lowest payment- Down payment
- $481,013
- Funds due
- $496,844
- Interest + MI left
- $132,780
- First ends
- Jul 2044
Assumption
Assumption + second
$5,408/mo
+$2,923/mo- Down payment
- $73,013
- Funds due
- $90,700
- Interest + MI left
- $777,046
- First ends
- Jul 2044
New loan
New conventional
$5,149/mo
+$2,665/mo- Down payment
- $73,013
- Funds due
- $87,012
- Interest + MI left
- $953,313
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,987 | $243,987 | $651,987 |
| Second mortgage | — | $408,000 | — |
| First P&I | $1,646.21 | $1,646.21 | $4,416.79 |
| Second P&I | — | $2,922.96 | — |
| Mortgage insurance | $236.47 | $236.47 | $130.40 |
| Taxes, insurance & HOA | $602.00 | $602.00 | $602.00 |
| Total housing payment | $2,484.68 | $5,407.64 | $5,149.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,013
Closing costs & prepaids$17,687
Usable credit−$0
Total buyer cash needed$90,700
Earnest money paid−$0
Remaining funds due$90,700
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$870.00
Initial HOA (3 months)$285.99
Prepaid interest, first (7 days)$199.80
Prepaid interest, second (7 days)$606.41
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 closing17 yr 7 moOf the original 30-year loan at 4.27%
Interest already paid$155,431Through Dec 2026
Assumption only · ends Jul 2044$132,780
Assumption + second · ends Jul 2044, second Jan 2057$777,046
New conventional · ends Jan 2057$953,313