Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,115/mo
Lowest payment- Down payment
- $520,839
- Funds due
- $536,292
- Interest + MI left
- $46,590
- First ends
- Mar 2040
Assumption
Assumption + second
$5,382/mo
+$3,267/mo- Down payment
- $64,839
- Funds due
- $81,639
- Interest + MI left
- $766,653
- First ends
- Mar 2040
New loan
New conventional
$5,115/mo
+$3,001/mo- Down payment
- $64,839
- Funds due
- $77,948
- Interest + MI left
- $870,639
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,161 | $118,161 | $574,161 |
| Second mortgage | — | $456,000 | — |
| First P&I | $947.10 | $947.10 | $3,975.37 |
| Second P&I | — | $3,266.84 | — |
| Mortgage insurance | $142.58 | $142.58 | $114.83 |
| Taxes, insurance & HOA | $1,025.25 | $1,025.25 | $1,025.25 |
| Total housing payment | $2,114.92 | $5,381.76 | $5,115.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,839
Closing costs & prepaids$16,800
Usable credit−$0
Total buyer cash needed$81,639
Earnest money paid−$0
Remaining funds due$81,639
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,390.00
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)$2,446.75
Initial HOA (3 months)$129.00
Prepaid interest, first (1 days)$12.56
Prepaid interest, second (1 days)$96.82
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 closing13 yr 4 moOf the original 30-year loan at 3.880%
Interest already paid$106,294Through Nov 2026
Assumption only · ends Mar 2040$46,590
Assumption + second · ends Mar 2040, second Dec 2056$766,653
New conventional · ends Dec 2056$870,639