Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,185/mo
Lowest payment- Down payment
- $514,951
- Funds due
- $529,846
- Interest + MI left
- $5,932
- First ends
- Nov 2030
Assumption
Assumption + second
$5,473/mo
+$3,288/mo- Down payment
- $55,951
- Funds due
- $72,291
- Interest + MI left
- $730,731
- First ends
- Nov 2030
New loan
New conventional
$4,691/mo
+$2,506/mo- Down payment
- $55,951
- Funds due
- $68,683
- Interest + MI left
- $762,908
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $44,049 | $44,049 | $503,049 |
| Second mortgage | — | $459,000 | — |
| First P&I | $978.30 | $978.30 | $3,483.01 |
| Second P&I | — | $3,288.33 | — |
| Mortgage insurance | $99.17 | $99.17 | $100.61 |
| Taxes, insurance & HOA | $1,107.50 | $1,107.50 | $1,107.50 |
| Total housing payment | $2,184.97 | $5,473.30 | $4,691.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,951
Closing costs & prepaids$16,340
Usable credit−$0
Total buyer cash needed$72,291
Earnest money paid−$0
Remaining funds due$72,291
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,590.00
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)$1,397.50
Initial HOA (3 months)$1,425.00
Prepaid interest, first (2 days)$7.65
Prepaid interest, second (2 days)$194.92
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 closing4 yrOf the original 15-year loan at 3.170%
Interest already paid$33,185Through Nov 2026
Assumption only · ends Nov 2030$5,932
Assumption + second · ends Nov 2030, second Dec 2056$730,731
New conventional · ends Dec 2056$762,908