Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,154/mo
Lowest payment- Down payment
- $505,442
- Funds due
- $520,597
- Interest + MI left
- $12,050
- First ends
- Jan 2032
Assumption
Assumption + second
$5,378/mo
+$3,224/mo- Down payment
- $55,442
- Funds due
- $72,038
- Interest + MI left
- $722,638
- First ends
- Jan 2032
New loan
New conventional
$4,740/mo
+$2,586/mo- Down payment
- $55,442
- Funds due
- $68,425
- Interest + MI left
- $748,415
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $43,558 | $43,558 | $493,558 |
| Second mortgage | — | $450,000 | — |
| First P&I | $841.73 | $841.73 | $3,417.30 |
| Second P&I | — | $3,223.86 | — |
| Mortgage insurance | $88.54 | $88.54 | $98.71 |
| Taxes, insurance & HOA | $1,224.17 | $1,224.17 | $1,224.17 |
| Total housing payment | $2,154.43 | $5,378.29 | $4,740.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,442
Closing costs & prepaids$16,596
Usable credit−$0
Total buyer cash needed$72,038
Earnest money paid−$0
Remaining funds due$72,038
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,490.00
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)$1,372.50
Initial HOA (3 months)$1,800.00
Prepaid interest, first (2 days)$16.99
Prepaid interest, second (2 days)$191.10
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 closing5 yr 2 moOf the original 30-year loan at 7.120%
Interest already paid$169,392Through Nov 2026
Assumption only · ends Jan 2032$12,050
Assumption + second · ends Jan 2032, second Dec 2056$722,638
New conventional · ends Dec 2056$748,415