Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,542/mo
Lowest payment- Down payment
- $522,663
- Funds due
- $536,692
- Interest + MI left
- $48,496
- First ends
- Jan 2041
Assumption
Assumption + second
$4,830/mo
+$3,288/mo- Down payment
- $63,663
- Funds due
- $79,137
- Interest + MI left
- $773,296
- First ends
- Jan 2041
New loan
New conventional
$4,609/mo
+$3,068/mo- Down payment
- $63,663
- Funds due
- $75,459
- Interest + MI left
- $858,320
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,037 | $107,037 | $566,037 |
| Second mortgage | — | $459,000 | — |
| First P&I | $844.54 | $844.54 | $3,919.13 |
| Second P&I | — | $3,288.33 | — |
| Mortgage insurance | $120.17 | $120.17 | $113.21 |
| Taxes, insurance & HOA | $577.00 | $577.00 | $577.00 |
| Total housing payment | $1,541.71 | $4,830.04 | $4,609.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,663
Closing costs & prepaids$15,473
Usable credit−$0
Total buyer cash needed$79,137
Earnest money paid−$0
Remaining funds due$79,137
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,297.00
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)$1,031.00
Initial HOA (3 months)$200.01
Prepaid interest, first (2 days)$25.51
Prepaid interest, second (2 days)$194.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2 moOf the original 30-year loan at 4.350%
Interest already paid$97,849Through Nov 2026
Assumption only · ends Jan 2041$48,496
Assumption + second · ends Jan 2041, second Dec 2056$773,296
New conventional · ends Dec 2056$858,320