Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,778/mo
Lowest payment- Down payment
- $401,530
- Funds due
- $414,330
- Interest + MI left
- $67,057
- First ends
- Jul 2040
Assumption
Assumption + second
$4,264/mo
+$2,486/mo- Down payment
- $54,530
- Funds due
- $68,727
- Interest + MI left
- $614,999
- First ends
- Jul 2040
New loan
New conventional
$3,920/mo
+$2,142/mo- Down payment
- $54,530
- Funds due
- $65,143
- Interest + MI left
- $735,999
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $138,370 | $138,370 | $485,370 |
| Second mortgage | — | $347,000 | — |
| First P&I | $1,161.30 | $1,161.30 | $3,360.60 |
| Second P&I | — | $2,485.95 | — |
| Mortgage insurance | $154.46 | $154.46 | $97.07 |
| Taxes, insurance & HOA | $462.58 | $462.58 | $462.58 |
| Total housing payment | $1,778.34 | $4,264.29 | $3,920.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,530
Closing costs & prepaids$14,196
Usable credit−$0
Total buyer cash needed$68,727
Earnest money paid−$0
Remaining funds due$68,727
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,399.00
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)$557.75
Initial HOA (3 months)$330.00
Prepaid interest, first (2 days)$37.38
Prepaid interest, second (2 days)$147.36
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 8 moOf the original 30-year loan at 4.930%
Interest already paid$147,921Through Nov 2026
Assumption only · ends Jul 2040$67,057
Assumption + second · ends Jul 2040, second Dec 2056$614,999
New conventional · ends Dec 2056$735,999