Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,804/mo
Lowest payment- Down payment
- $428,388
- Funds due
- $441,649
- Interest + MI left
- $71,795
- First ends
- Jun 2041
Assumption
Assumption + second
$4,462/mo
+$2,658/mo- Down payment
- $57,388
- Funds due
- $71,978
- Interest + MI left
- $657,636
- First ends
- Jun 2041
New loan
New conventional
$4,174/mo
+$2,370/mo- Down payment
- $57,388
- Funds due
- $68,360
- Interest + MI left
- $777,411
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $141,612 | $141,612 | $512,612 |
| Second mortgage | — | $371,000 | — |
| First P&I | $1,129.68 | $1,129.68 | $3,549.22 |
| Second P&I | — | $2,657.89 | — |
| Mortgage insurance | $151.81 | $151.81 | $102.52 |
| Taxes, insurance & HOA | $522.33 | $522.33 | $522.33 |
| Total housing payment | $1,803.82 | $4,461.71 | $4,174.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,388
Closing costs & prepaids$14,590
Usable credit−$0
Total buyer cash needed$71,978
Earnest money paid−$0
Remaining funds due$71,978
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,700.00
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)$893.00
Initial HOA (3 months)$174.00
Prepaid interest, first (1 days)$18.78
Prepaid interest, second (1 days)$78.77
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 closing14 yr 7 moOf the original 30-year loan at 4.840%
Interest already paid$136,277Through Nov 2026
Assumption only · ends Jun 2041$71,795
Assumption + second · ends Jun 2041, second Dec 2056$657,636
New conventional · ends Dec 2056$777,411