Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,947/mo
Lowest payment- Down payment
- $426,894
- Funds due
- $440,850
- Interest + MI left
- $98,987
- First ends
- May 2045
Assumption
Assumption + second
$4,555/mo
+$2,608/mo- Down payment
- $62,894
- Funds due
- $78,796
- Interest + MI left
- $673,774
- First ends
- May 2045
New loan
New conventional
$4,449/mo
+$2,502/mo- Down payment
- $62,894
- Funds due
- $75,244
- Interest + MI left
- $826,278
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,106 | $201,106 | $565,106 |
| Second mortgage | — | $364,000 | — |
| First P&I | $1,245.02 | $1,245.02 | $3,828.22 |
| Second P&I | — | $2,607.74 | — |
| Mortgage insurance | $194.21 | $194.21 | $113.02 |
| Taxes, insurance & HOA | $507.83 | $507.83 | $507.83 |
| Total housing payment | $1,947.07 | $4,554.81 | $4,449.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,894
Closing costs & prepaids$15,902
Usable credit−$0
Total buyer cash needed$78,796
Earnest money paid−$0
Remaining funds due$78,796
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)$753.50
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$178.02
Prepaid interest, second (9 days)$695.59
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 closing18 yr 5 moOf the original 30-year loan at 3.59%
Interest already paid$99,980Through Dec 2026
Assumption only · ends May 2045$98,987
Assumption + second · ends May 2045, second Jan 2057$673,774
New conventional · ends Jan 2057$826,278