Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,512/mo
Lowest payment- Down payment
- $496,874
- Funds due
- $510,609
- Interest + MI left
- $81,304
- First ends
- Sep 2045
Assumption
Assumption + second
$4,599/mo
+$3,088/mo- Down payment
- $65,874
- Funds due
- $80,951
- Interest + MI left
- $761,889
- First ends
- Sep 2045
New loan
New conventional
$4,576/mo
+$3,064/mo- Down payment
- $65,874
- Funds due
- $77,252
- Interest + MI left
- $885,750
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $153,126 | $153,126 | $584,126 |
| Second mortgage | — | $431,000 | — |
| First P&I | $952.86 | $952.86 | $4,044.37 |
| Second P&I | — | $3,087.74 | — |
| Mortgage insurance | $144.15 | $144.15 | $116.83 |
| Taxes, insurance & HOA | $414.58 | $414.58 | $414.58 |
| Total housing payment | $1,511.59 | $4,599.33 | $4,575.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,874
Closing costs & prepaids$15,076
Usable credit−$0
Total buyer cash needed$80,951
Earnest money paid−$0
Remaining funds due$80,951
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,500.00
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)$589.25
Initial HOA (3 months)$154.50
Prepaid interest, first (1 days)$16.11
Prepaid interest, second (1 days)$91.51
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 closing18 yr 10 moOf the original 30-year loan at 3.840%
Interest already paid$77,309Through Nov 2026
Assumption only · ends Sep 2045$81,304
Assumption + second · ends Sep 2045, second Dec 2056$761,889
New conventional · ends Dec 2056$885,750