Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$963/mo
Lowest payment- Down payment
- $428,567
- Funds due
- $441,285
- Interest + MI left
- $7,091
- First ends
- Jun 2043
Assumption
Assumption + second
$3,707/mo
+$2,744/mo- Down payment
- $45,567
- Funds due
- $59,616
- Interest + MI left
- $611,880
- First ends
- Jun 2043
New loan
New conventional
$3,691/mo
+$2,728/mo- Down payment
- $45,567
- Funds due
- $56,109
- Interest + MI left
- $611,753
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $20,433 | $20,433 | $403,433 |
| Second mortgage | — | $383,000 | — |
| First P&I | $128.47 | $128.47 | $2,793.29 |
| Second P&I | — | $2,743.86 | — |
| Mortgage insurance | $17.32 | $17.32 | $80.69 |
| Taxes, insurance & HOA | $817.00 | $817.00 | $817.00 |
| Total housing payment | $962.79 | $3,706.65 | $3,690.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,567
Closing costs & prepaids$14,049
Usable credit−$0
Total buyer cash needed$59,616
Earnest money paid−$0
Remaining funds due$59,616
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,881.50
Initial HOA (3 months)$119.49
Prepaid interest, first (1 days)$1.57
Prepaid interest, second (1 days)$81.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing16 yr 7 moOf the original 21-year loan at 2.800%
Interest already paid$2,785Through Nov 2026
Assumption only · ends Jun 2043$7,091
Assumption + second · ends Jun 2043, second Dec 2056$611,880
New conventional · ends Dec 2056$611,753