Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,549/mo
Lowest payment- Down payment
- $472,556
- Funds due
- $486,088
- Interest + MI left
- $49,296
- First ends
- Jan 2041
Assumption
Assumption + second
$4,515/mo
+$2,966/mo- Down payment
- $58,556
- Funds due
- $73,513
- Interest + MI left
- $703,037
- First ends
- Jan 2041
New loan
New conventional
$4,292/mo
+$2,743/mo- Down payment
- $58,556
- Funds due
- $69,888
- Interest + MI left
- $790,805
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,444 | $107,444 | $521,444 |
| Second mortgage | — | $414,000 | — |
| First P&I | $851.55 | $851.55 | $3,610.37 |
| Second P&I | — | $2,965.95 | — |
| Mortgage insurance | $120.17 | $120.17 | $104.29 |
| Taxes, insurance & HOA | $577.00 | $577.00 | $577.00 |
| Total housing payment | $1,548.72 | $4,514.67 | $4,291.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,556
Closing costs & prepaids$14,958
Usable credit−$0
Total buyer cash needed$73,513
Earnest money paid−$0
Remaining funds due$73,513
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,800.00
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)$1,031.00
Initial HOA (3 months)$200.01
Prepaid interest, first (2 days)$26.02
Prepaid interest, second (2 days)$175.81
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 closing14 yr 2 moOf the original 30-year loan at 4.420%
Interest already paid$99,588Through Nov 2026
Assumption only · ends Jan 2041$49,296
Assumption + second · ends Jan 2041, second Dec 2056$703,037
New conventional · ends Dec 2056$790,805