Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,402/mo
Lowest payment- Down payment
- $519,928
- Funds due
- $532,658
- Interest + MI left
- $5,203
- First ends
- Sep 2030
Assumption
Assumption + second
$4,719/mo
+$3,317/mo- Down payment
- $56,928
- Funds due
- $71,105
- Interest + MI left
- $736,319
- First ends
- Sep 2030
New loan
New conventional
$3,967/mo
+$2,565/mo- Down payment
- $56,928
- Funds due
- $67,487
- Interest + MI left
- $762,842
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $40,072 | $40,072 | $503,072 |
| Second mortgage | — | $463,000 | — |
| First P&I | $924.34 | $924.34 | $3,483.17 |
| Second P&I | — | $3,316.99 | — |
| Mortgage insurance | $94.42 | $94.42 | $100.61 |
| Taxes, insurance & HOA | $383.08 | $383.08 | $383.08 |
| Total housing payment | $1,401.84 | $4,718.83 | $3,966.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,928
Closing costs & prepaids$14,178
Usable credit−$0
Total buyer cash needed$71,105
Earnest money paid−$0
Remaining funds due$71,105
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)$649.25
Prepaid interest, first (2 days)$6.72
Prepaid interest, second (2 days)$196.62
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 closing3 yr 10 moOf the original 15-year loan at 3.060%
Interest already paid$30,642Through Nov 2026
Assumption only · ends Sep 2030$5,203
Assumption + second · ends Sep 2030, second Dec 2056$736,319
New conventional · ends Dec 2056$762,842