Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,658/mo
Lowest payment- Down payment
- $432,441
- Funds due
- $445,460
- Interest + MI left
- $59,143
- First ends
- Aug 2040
Assumption
Assumption + second
$4,352/mo
+$2,694/mo- Down payment
- $56,441
- Funds due
- $70,870
- Interest + MI left
- $652,878
- First ends
- Aug 2040
New loan
New conventional
$4,054/mo
+$2,396/mo- Down payment
- $56,441
- Funds due
- $67,267
- Interest + MI left
- $762,165
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $126,559 | $126,559 | $502,559 |
| Second mortgage | — | $376,000 | — |
| First P&I | $1,041.54 | $1,041.54 | $3,479.62 |
| Second P&I | — | $2,693.71 | — |
| Mortgage insurance | $142.58 | $142.58 | $100.51 |
| Taxes, insurance & HOA | $473.83 | $473.83 | $473.83 |
| Total housing payment | $1,657.96 | $4,351.67 | $4,053.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,441
Closing costs & prepaids$14,429
Usable credit−$0
Total buyer cash needed$70,870
Earnest money paid−$0
Remaining funds due$70,870
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)$876.50
Initial HOA (3 months)$45.00
Prepaid interest, first (2 days)$32.45
Prepaid interest, second (2 days)$159.67
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 9 moOf the original 30-year loan at 4.680%
Interest already paid$128,370Through Nov 2026
Assumption only · ends Aug 2040$59,143
Assumption + second · ends Aug 2040, second Dec 2056$652,878
New conventional · ends Dec 2056$762,165