Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,428/mo
Lowest payment- Down payment
- $540,415
- Funds due
- $554,303
- Interest + MI left
- $56,302
- First ends
- Jun 2041
Assumption
Assumption + second
$4,831/mo
+$3,403/mo- Down payment
- $65,415
- Funds due
- $81,461
- Interest + MI left
- $806,367
- First ends
- Jun 2041
New loan
New conventional
$4,504/mo
+$3,076/mo- Down payment
- $65,415
- Funds due
- $77,751
- Interest + MI left
- $854,758
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $109,584 | $109,584 | $584,584 |
| Second mortgage | — | $475,000 | — |
| First P&I | $883.86 | $883.86 | $3,960.18 |
| Second P&I | — | $3,402.96 | — |
| Mortgage insurance | $117.29 | $117.29 | $116.92 |
| Taxes, insurance & HOA | $426.67 | $426.67 | $426.67 |
| Total housing payment | $1,427.82 | $4,830.78 | $4,503.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,415
Closing costs & prepaids$16,046
Usable credit−$0
Total buyer cash needed$81,461
Earnest money paid−$0
Remaining funds due$81,461
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,499.99
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)$780.00
Prepaid interest, first (9 days)$133.75
Prepaid interest, second (9 days)$907.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6 moOf the original 30-year loan at 4.95%
Interest already paid$108,394Through Dec 2026
Assumption only · ends Jun 2041$56,302
Assumption + second · ends Jun 2041, second Jan 2057$806,367
New conventional · ends Jan 2057$854,758