Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,720/mo
Lowest payment- Down payment
- $450,668
- Funds due
- $464,288
- Interest + MI left
- $64,012
- First ends
- Jul 2042
Assumption
Assumption + second
$4,521/mo
+$2,801/mo- Down payment
- $59,668
- Funds due
- $74,621
- Interest + MI left
- $681,434
- First ends
- Jul 2042
New loan
New conventional
$4,355/mo
+$2,634/mo- Down payment
- $59,668
- Funds due
- $70,984
- Interest + MI left
- $804,177
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $139,331 | $139,331 | $530,331 |
| Second mortgage | — | $391,000 | — |
| First P&I | $995.12 | $995.12 | $3,671.90 |
| Second P&I | — | $2,801.17 | — |
| Mortgage insurance | $148.54 | $148.54 | $106.07 |
| Taxes, insurance & HOA | $576.66 | $576.66 | $576.66 |
| Total housing payment | $1,720.33 | $4,521.50 | $4,354.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,668
Closing costs & prepaids$14,953
Usable credit−$0
Total buyer cash needed$74,621
Earnest money paid−$0
Remaining funds due$74,621
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,899.99
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)$1,037.00
Initial HOA (3 months)$192.99
Prepaid interest, first (1 days)$15.08
Prepaid interest, second (1 days)$83.02
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing15 yr 8 moOf the original 30-year loan at 3.950%
Interest already paid$100,789Through Nov 2026
Assumption only · ends Jul 2042$64,012
Assumption + second · ends Jul 2042, second Dec 2056$681,434
New conventional · ends Dec 2056$804,177