Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,202/mo
Lowest payment- Down payment
- $480,054
- Funds due
- $494,276
- Interest + MI left
- $82,369
- First ends
- May 2040
Assumption
Assumption + second
$5,175/mo
+$2,973/mo- Down payment
- $65,054
- Funds due
- $80,702
- Interest + MI left
- $737,689
- First ends
- May 2040
New loan
New conventional
$4,734/mo
+$2,532/mo- Down payment
- $65,054
- Funds due
- $77,016
- Interest + MI left
- $887,110
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,946 | $169,946 | $584,946 |
| Second mortgage | — | $415,000 | — |
| First P&I | $1,444.74 | $1,444.74 | $4,050.05 |
| Second P&I | — | $2,973.11 | — |
| Mortgage insurance | $190.63 | $190.63 | $116.99 |
| Taxes, insurance & HOA | $566.83 | $566.83 | $566.83 |
| Total housing payment | $2,202.20 | $5,175.31 | $4,733.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,054
Closing costs & prepaids$15,648
Usable credit−$0
Total buyer cash needed$80,702
Earnest money paid−$0
Remaining funds due$80,702
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,500.00
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)$951.50
Initial HOA (3 months)$249.00
Prepaid interest, first (2 days)$46.56
Prepaid interest, second (2 days)$176.23
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 closing13 yr 6 moOf the original 30-year loan at 5.000%
Interest already paid$186,876Through Nov 2026
Assumption only · ends May 2040$82,369
Assumption + second · ends May 2040, second Dec 2056$737,689
New conventional · ends Dec 2056$887,110