Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,890/mo
Lowest payment- Down payment
- $426,253
- Funds due
- $439,880
- Interest + MI left
- $99,708
- First ends
- May 2045
Assumption
Assumption + second
$4,491/mo
+$2,601/mo- Down payment
- $63,253
- Funds due
- $78,207
- Interest + MI left
- $672,916
- First ends
- May 2045
New loan
New conventional
$4,474/mo
+$2,584/mo- Down payment
- $63,253
- Funds due
- $74,542
- Interest + MI left
- $856,477
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,747 | $201,747 | $564,747 |
| Second mortgage | — | $363,000 | — |
| First P&I | $1,245.02 | $1,245.02 | $3,910.19 |
| Second P&I | — | $2,600.58 | — |
| Mortgage insurance | $194.21 | $194.21 | $112.95 |
| Taxes, insurance & HOA | $450.83 | $450.83 | $450.83 |
| Total housing payment | $1,890.07 | $4,490.65 | $4,473.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,253
Closing costs & prepaids$14,954
Usable credit−$0
Total buyer cash needed$78,207
Earnest money paid−$0
Remaining funds due$78,207
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,280.00
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)$582.50
Initial HOA (3 months)$270.00
Prepaid interest, first (1 days)$19.84
Prepaid interest, second (1 days)$77.08
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 6 moOf the original 30-year loan at 3.590%
Interest already paid$99,377Through Nov 2026
Assumption only · ends May 2045$99,708
Assumption + second · ends May 2045, second Dec 2056$672,916
New conventional · ends Dec 2056$856,477