Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,295/mo
Lowest payment- Down payment
- $480,000
- Funds due
- $490,988
- Interest + MI left
- $0
- First ends
- Jan 2025
Assumption
Assumption + second
$4,390/mo
+$3,095/mo- Down payment
- $48,000
- Funds due
- $60,421
- Interest + MI left
- $682,164
- First ends
- Jan 2025
New loan
New conventional
$3,484/mo
+$2,189/mo- Down payment
- $48,000
- Funds due
- $57,890
- Interest + MI left
- $655,157
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $0 | $0 | $432,000 |
| Second mortgage | — | $432,000 | — |
| First P&I | $888.68 | $888.68 | $2,991.08 |
| Second P&I | — | $3,094.90 | — |
| Mortgage insurance | — | — | $86.40 |
| Taxes, insurance & HOA | $406.67 | $406.67 | $406.67 |
| Total housing payment | $1,295.35 | $4,390.25 | $3,484.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,000
Closing costs & prepaids$12,421
Usable credit−$0
Total buyer cash needed$60,421
Earnest money paid−$0
Remaining funds due$60,421
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,800.00
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)$585.00
Initial HOA (3 months)$135.00
Prepaid interest, second (2 days)$183.45
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 closing0 moOf the original 30-year loan at 8.850%
Interest already paid$207,979Through Jan 2025
Assumption only · ends Jan 2025$0
Assumption + second · ends Jan 2025, second Dec 2056$682,164
New conventional · ends Dec 2056$655,157