Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,286/mo
Lowest payment- Down payment
- $469,594
- Funds due
- $481,698
- Interest + MI left
- $9,822
- First ends
- May 2031
Assumption
Assumption + second
$4,281/mo
+$2,995/mo- Down payment
- $51,594
- Funds due
- $65,125
- Interest + MI left
- $669,879
- First ends
- May 2031
New loan
New conventional
$3,600/mo
+$2,313/mo- Down payment
- $51,594
- Funds due
- $61,553
- Interest + MI left
- $693,595
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $39,406 | $39,406 | $457,406 |
| Second mortgage | — | $418,000 | — |
| First P&I | $855.03 | $855.03 | $3,166.99 |
| Second P&I | — | $2,994.60 | — |
| Mortgage insurance | $89.94 | $89.94 | $91.48 |
| Taxes, insurance & HOA | $341.33 | $341.33 | $341.33 |
| Total housing payment | $1,286.31 | $4,280.91 | $3,599.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,594
Closing costs & prepaids$13,532
Usable credit−$0
Total buyer cash needed$65,125
Earnest money paid−$0
Remaining funds due$65,125
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,090.00
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)$236.00
Initial HOA (3 months)$288.00
Prepaid interest, first (2 days)$15.37
Prepaid interest, second (2 days)$177.51
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 closing4 yr 6 moOf the original 30-year loan at 7.120%
Interest already paid$174,070Through Nov 2026
Assumption only · ends May 2031$9,822
Assumption + second · ends May 2031, second Dec 2056$669,879
New conventional · ends Dec 2056$693,595