Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,964/mo
Lowest payment- Down payment
- $494,122
- Funds due
- $508,533
- Interest + MI left
- $75,709
- First ends
- Jul 2041
Assumption
Assumption + second
$5,037/mo
+$3,073/mo- Down payment
- $65,122
- Funds due
- $81,603
- Interest + MI left
- $753,136
- First ends
- Jul 2041
New loan
New conventional
$4,647/mo
+$2,683/mo- Down payment
- $65,122
- Funds due
- $77,930
- Interest + MI left
- $847,878
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $150,878 | $150,878 | $579,878 |
| Second mortgage | — | $429,000 | — |
| First P&I | $1,198.94 | $1,198.94 | $3,928.30 |
| Second P&I | — | $3,073.41 | — |
| Mortgage insurance | $162.24 | $162.24 | $115.98 |
| Taxes, insurance & HOA | $602.67 | $602.67 | $602.67 |
| Total housing payment | $1,963.84 | $5,037.25 | $4,646.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,122
Closing costs & prepaids$16,481
Usable credit−$0
Total buyer cash needed$81,603
Earnest money paid−$0
Remaining funds due$81,603
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)$774.00
Initial HOA (3 months)$534.00
Prepaid interest, first (9 days)$177.83
Prepaid interest, second (9 days)$819.80
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 7 moOf the original 30-year loan at 4.78%
Interest already paid$143,639Through Dec 2026
Assumption only · ends Jul 2041$75,709
Assumption + second · ends Jul 2041, second Jan 2057$753,136
New conventional · ends Jan 2057$847,878