Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$780/mo
Lowest payment- Down payment
- $455,970
- Funds due
- $468,242
- Interest + MI left
- $19,933
- First ends
- Jul 2042
Assumption
Assumption + second
$3,681/mo
+$2,901/mo- Down payment
- $50,970
- Funds due
- $65,266
- Interest + MI left
- $659,462
- First ends
- Jul 2042
New loan
New conventional
$3,550/mo
+$2,770/mo- Down payment
- $50,970
- Funds due
- $61,685
- Interest + MI left
- $656,466
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $44,030 | $44,030 | $449,030 |
| Second mortgage | — | $405,000 | — |
| First P&I | $314.57 | $314.57 | $3,041.89 |
| Second P&I | — | $2,901.47 | — |
| Mortgage insurance | $47.24 | $47.24 | $89.81 |
| Taxes, insurance & HOA | $418.17 | $418.17 | $418.17 |
| Total housing payment | $779.98 | $3,681.45 | $3,549.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,970
Closing costs & prepaids$14,296
Usable credit−$0
Total buyer cash needed$65,266
Earnest money paid−$0
Remaining funds due$65,266
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$600.00
Initial HOA (3 months)$154.50
Prepaid interest, first (9 days)$42.34
Prepaid interest, second (9 days)$773.94
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 7 moOf the original 30-year loan at 3.9%
Interest already paid$31,757Through Dec 2026
Assumption only · ends Jul 2042$19,933
Assumption + second · ends Jul 2042, second Jan 2057$659,462
New conventional · ends Jan 2057$656,466