Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,084/mo
Lowest payment- Down payment
- $465,294
- Funds due
- $478,073
- Interest + MI left
- $36,056
- First ends
- Jun 2042
Assumption
Assumption + second
$4,021/mo
+$2,937/mo- Down payment
- $55,294
- Funds due
- $70,107
- Interest + MI left
- $683,481
- First ends
- Jun 2042
New loan
New conventional
$3,841/mo
+$2,757/mo- Down payment
- $55,294
- Funds due
- $66,510
- Interest + MI left
- $716,031
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $79,706 | $79,706 | $489,706 |
| Second mortgage | — | $410,000 | — |
| First P&I | $572.49 | $572.49 | $3,317.44 |
| Second P&I | — | $2,937.29 | — |
| Mortgage insurance | $85.77 | $85.77 | $97.94 |
| Taxes, insurance & HOA | $425.67 | $425.67 | $425.67 |
| Total housing payment | $1,083.93 | $4,021.22 | $3,841.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,294
Closing costs & prepaids$14,813
Usable credit−$0
Total buyer cash needed$70,107
Earnest money paid−$0
Remaining funds due$70,107
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,450.00
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)$654.00
Initial HOA (3 months)$123.00
Prepaid interest, first (9 days)$77.04
Prepaid interest, second (9 days)$783.49
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 closing15 yr 6 moOf the original 30-year loan at 3.92%
Interest already paid$58,238Through Dec 2026
Assumption only · ends Jun 2042$36,056
Assumption + second · ends Jun 2042, second Jan 2057$683,481
New conventional · ends Jan 2057$716,031