Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,216/mo
Lowest payment- Down payment
- $496,146
- Funds due
- $509,637
- Interest + MI left
- $29,045
- First ends
- Nov 2040
Assumption
Assumption + second
$4,368/mo
+$3,152/mo- Down payment
- $56,146
- Funds due
- $71,073
- Interest + MI left
- $723,842
- First ends
- Nov 2040
New loan
New conventional
$4,223/mo
+$3,007/mo- Down payment
- $56,146
- Funds due
- $67,464
- Interest + MI left
- $764,128
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $63,854 | $63,854 | $503,854 |
| Second mortgage | — | $440,000 | — |
| First P&I | $510.73 | $510.73 | $3,488.58 |
| Second P&I | — | $3,152.21 | — |
| Mortgage insurance | $71.99 | $71.99 | $100.77 |
| Taxes, insurance & HOA | $633.33 | $633.33 | $633.33 |
| Total housing payment | $1,216.05 | $4,368.27 | $4,222.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,146
Closing costs & prepaids$14,927
Usable credit−$0
Total buyer cash needed$71,073
Earnest money paid−$0
Remaining funds due$71,073
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,600.00
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)$1,400.00
Prepaid interest, first (2 days)$15.50
Prepaid interest, second (2 days)$186.85
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 yrOf the original 30-year loan at 4.430%
Interest already paid$60,283Through Nov 2026
Assumption only · ends Nov 2040$29,045
Assumption + second · ends Nov 2040, second Dec 2056$723,842
New conventional · ends Dec 2056$764,128