Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,857/mo
Lowest payment- Down payment
- $498,624
- Funds due
- $512,855
- Interest + MI left
- $62,352
- First ends
- Jun 2040
Assumption
Assumption + second
$4,980/mo
+$3,124/mo- Down payment
- $62,624
- Funds due
- $78,197
- Interest + MI left
- $750,833
- First ends
- Jun 2040
New loan
New conventional
$4,646/mo
+$2,789/mo- Down payment
- $62,624
- Funds due
- $74,523
- Interest + MI left
- $843,670
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $120,376 | $120,376 | $556,376 |
| Second mortgage | — | $436,000 | — |
| First P&I | $1,042.50 | $1,042.50 | $3,852.24 |
| Second P&I | — | $3,123.56 | — |
| Mortgage insurance | $131.80 | $131.80 | $111.28 |
| Taxes, insurance & HOA | $682.50 | $682.50 | $682.50 |
| Total housing payment | $1,856.80 | $4,980.36 | $4,646.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,624
Closing costs & prepaids$15,573
Usable credit−$0
Total buyer cash needed$78,197
Earnest money paid−$0
Remaining funds due$78,197
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,190.00
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)$1,547.50
Prepaid interest, first (1 days)$17.74
Prepaid interest, second (1 days)$92.58
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 closing13 yr 7 moOf the original 30-year loan at 5.380%
Interest already paid$139,681Through Nov 2026
Assumption only · ends Jun 2040$62,352
Assumption + second · ends Jun 2040, second Dec 2056$750,833
New conventional · ends Dec 2056$843,670