Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$532/mo
Lowest payment- Down payment
- $607,062
- Funds due
- $620,590
- Interest + MI left
- $16,584
- First ends
- Sep 2055
Assumption
Assumption + second
$4,437/mo
+$3,904/mo- Down payment
- $62,062
- Funds due
- $77,882
- Interest + MI left
- $877,185
- First ends
- Sep 2055
New loan
New conventional
$4,332/mo
+$3,800/mo- Down payment
- $62,062
- Funds due
- $74,136
- Interest + MI left
- $814,335
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $11,938 | $11,938 | $556,938 |
| Second mortgage | — | $545,000 | — |
| First P&I | $78.96 | $78.96 | $3,772.89 |
| Second P&I | — | $3,904.45 | — |
| Mortgage insurance | $5.55 | $5.55 | $111.39 |
| Taxes, insurance & HOA | $447.83 | $447.83 | $447.83 |
| Total housing payment | $532.33 | $4,436.78 | $4,332.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,062
Closing costs & prepaids$15,820
Usable credit−$0
Total buyer cash needed$77,882
Earnest money paid−$0
Remaining funds due$77,882
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,190.00
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)$742.75
Initial HOA (3 months)$100.74
Prepaid interest, first (9 days)$20.05
Prepaid interest, second (9 days)$1,041.47
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 closing28 yr 9 moOf the original 30-year loan at 6.81%
Interest already paid$1,024Through Dec 2026
Assumption only · ends Sep 2055$16,584
Assumption + second · ends Sep 2055, second Jan 2057$877,185
New conventional · ends Jan 2057$814,335