Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,048/mo
Lowest payment- Down payment
- $427,282
- Funds due
- $441,362
- Interest + MI left
- $58,948
- First ends
- Apr 2040
Assumption
Assumption + second
$4,713/mo
+$2,665/mo- Down payment
- $55,282
- Funds due
- $70,691
- Interest + MI left
- $646,367
- First ends
- Apr 2040
New loan
New conventional
$4,387/mo
+$2,339/mo- Down payment
- $55,282
- Funds due
- $67,093
- Interest + MI left
- $750,273
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $122,718 | $122,718 | $494,718 |
| Second mortgage | — | $372,000 | — |
| First P&I | $1,046.54 | $1,046.54 | $3,425.33 |
| Second P&I | — | $2,665.05 | — |
| Mortgage insurance | $138.40 | $138.40 | $98.94 |
| Taxes, insurance & HOA | $862.75 | $862.75 | $862.75 |
| Total housing payment | $2,047.69 | $4,712.74 | $4,387.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,282
Closing costs & prepaids$15,409
Usable credit−$0
Total buyer cash needed$70,691
Earnest money paid−$0
Remaining funds due$70,691
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$1,972.00
Initial HOA (3 months)$116.25
Prepaid interest, first (1 days)$16.74
Prepaid interest, second (1 days)$78.99
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 5 moOf the original 30-year loan at 4.980%
Interest already paid$135,584Through Nov 2026
Assumption only · ends Apr 2040$58,948
Assumption + second · ends Apr 2040, second Dec 2056$646,367
New conventional · ends Dec 2056$750,273