Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$601/mo
Lowest payment- Down payment
- $538,238
- Funds due
- $551,174
- Interest + MI left
- $5,110
- First ends
- Apr 2041
Assumption
Assumption + second
$4,055/mo
+$3,453/mo- Down payment
- $56,238
- Funds due
- $71,038
- Interest + MI left
- $766,229
- First ends
- Apr 2041
New loan
New conventional
$3,946/mo
+$3,345/mo- Down payment
- $56,238
- Funds due
- $67,392
- Interest + MI left
- $729,273
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $16,762 | $16,762 | $498,762 |
| Second mortgage | — | $482,000 | — |
| First P&I | $118.43 | $118.43 | $3,378.79 |
| Second P&I | — | $3,453.11 | — |
| Mortgage insurance | $15.40 | $15.40 | $99.75 |
| Taxes, insurance & HOA | $467.67 | $467.67 | $467.67 |
| Total housing payment | $601.50 | $4,054.60 | $3,946.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,238
Closing costs & prepaids$14,800
Usable credit−$0
Total buyer cash needed$71,038
Earnest money paid−$0
Remaining funds due$71,038
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,550.00
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)$666.00
Initial HOA (3 months)$237.00
Prepaid interest, first (6 days)$7.72
Prepaid interest, second (6 days)$614.05
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 closing14 yr 4 moOf the original 20-year loan at 2.8%
Interest already paid$3,071Through Dec 2026
Assumption only · ends Apr 2041$5,110
Assumption + second · ends Apr 2041, second Jan 2057$766,229
New conventional · ends Jan 2057$729,273