Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,679/mo
Lowest payment- Down payment
- $554,513
- Funds due
- $569,376
- Interest + MI left
- $52,242
- First ends
- May 2042
Assumption
Assumption + second
$5,168/mo
+$3,489/mo- Down payment
- $67,513
- Funds due
- $83,729
- Interest + MI left
- $821,256
- First ends
- May 2042
New loan
New conventional
$5,017/mo
+$3,338/mo- Down payment
- $67,513
- Funds due
- $80,010
- Interest + MI left
- $913,712
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $115,487 | $115,487 | $602,487 |
| Second mortgage | — | $487,000 | — |
| First P&I | $829.49 | $829.49 | $4,171.50 |
| Second P&I | — | $3,488.93 | — |
| Mortgage insurance | $124.27 | $124.27 | $120.50 |
| Taxes, insurance & HOA | $725.00 | $725.00 | $725.00 |
| Total housing payment | $1,678.76 | $5,167.69 | $5,017.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,513
Closing costs & prepaids$16,216
Usable credit−$0
Total buyer cash needed$83,729
Earnest money paid−$0
Remaining funds due$83,729
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,700.00
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)$1,675.00
Prepaid interest, first (1 days)$12.40
Prepaid interest, second (1 days)$103.40
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 closing15 yr 6 moOf the original 30-year loan at 3.920%
Interest already paid$84,381Through Nov 2026
Assumption only · ends May 2042$52,242
Assumption + second · ends May 2042, second Dec 2056$821,256
New conventional · ends Dec 2056$913,712