Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,029/mo
Lowest payment- Down payment
- $421,238
- Funds due
- $433,988
- Interest + MI left
- $79,811
- First ends
- Sep 2055
Assumption
Assumption + second
$3,680/mo
+$2,651/mo- Down payment
- $51,238
- Funds due
- $65,945
- Interest + MI left
- $664,072
- First ends
- Sep 2055
New loan
New conventional
$3,721/mo
+$2,691/mo- Down payment
- $51,238
- Funds due
- $62,386
- Interest + MI left
- $669,324
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $87,762 | $87,762 | $457,762 |
| Second mortgage | — | $370,000 | — |
| First P&I | $460.09 | $460.09 | $3,101.04 |
| Second P&I | — | $2,650.73 | — |
| Mortgage insurance | $41.04 | $41.04 | $91.55 |
| Taxes, insurance & HOA | $528.25 | $528.25 | $528.25 |
| Total housing payment | $1,029.38 | $3,680.11 | $3,720.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,238
Closing costs & prepaids$14,707
Usable credit−$0
Total buyer cash needed$65,945
Earnest money paid−$0
Remaining funds due$65,945
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,090.00
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)$610.75
Initial HOA (3 months)$474.00
Prepaid interest, first (9 days)$99.98
Prepaid interest, second (9 days)$707.05
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 4.62%
Interest already paid$5,124Through Dec 2026
Assumption only · ends Sep 2055$79,811
Assumption + second · ends Sep 2055, second Jan 2057$664,072
New conventional · ends Jan 2057$669,324