Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,939/mo
Lowest payment- Down payment
- $493,527
- Funds due
- $507,706
- Interest + MI left
- $76,414
- First ends
- Jul 2041
Assumption
Assumption + second
$5,013/mo
+$3,073/mo- Down payment
- $64,527
- Funds due
- $80,047
- Interest + MI left
- $753,841
- First ends
- Jul 2041
New loan
New conventional
$4,713/mo
+$2,774/mo- Down payment
- $64,527
- Funds due
- $76,359
- Interest + MI left
- $880,326
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $151,473 | $151,473 | $580,473 |
| Second mortgage | — | $429,000 | — |
| First P&I | $1,198.94 | $1,198.94 | $4,019.08 |
| Second P&I | — | $3,073.41 | — |
| Mortgage insurance | $162.24 | $162.24 | $116.09 |
| Taxes, insurance & HOA | $578.08 | $578.08 | $578.08 |
| Total housing payment | $1,939.26 | $5,012.67 | $4,713.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,527
Closing costs & prepaids$15,520
Usable credit−$0
Total buyer cash needed$80,047
Earnest money paid−$0
Remaining funds due$80,047
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,450.00
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)$700.25
Initial HOA (3 months)$534.00
Prepaid interest, first (1 days)$19.84
Prepaid interest, second (1 days)$91.09
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 closing14 yr 8 moOf the original 30-year loan at 4.780%
Interest already paid$143,036Through Nov 2026
Assumption only · ends Jul 2041$76,414
Assumption + second · ends Jul 2041, second Dec 2056$753,841
New conventional · ends Dec 2056$880,326