Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,515/mo
Lowest payment- Down payment
- $461,696
- Funds due
- $475,081
- Interest + MI left
- $81,929
- First ends
- Sep 2045
Assumption
Assumption + second
$4,381/mo
+$2,866/mo- Down payment
- $61,696
- Funds due
- $76,416
- Interest + MI left
- $713,562
- First ends
- Sep 2045
New loan
New conventional
$4,356/mo
+$2,841/mo- Down payment
- $61,696
- Funds due
- $72,760
- Interest + MI left
- $839,123
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $153,304 | $153,304 | $553,304 |
| Second mortgage | — | $400,000 | — |
| First P&I | $956.35 | $956.35 | $3,830.97 |
| Second P&I | — | $2,865.65 | — |
| Mortgage insurance | $144.15 | $144.15 | $110.66 |
| Taxes, insurance & HOA | $414.58 | $414.58 | $414.58 |
| Total housing payment | $1,515.08 | $4,380.73 | $4,356.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,696
Closing costs & prepaids$14,720
Usable credit−$0
Total buyer cash needed$76,416
Earnest money paid−$0
Remaining funds due$76,416
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,150.00
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)$589.25
Initial HOA (3 months)$154.50
Prepaid interest, first (1 days)$16.25
Prepaid interest, second (1 days)$84.93
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing18 yr 10 moOf the original 30-year loan at 3.870%
Interest already paid$77,955Through Nov 2026
Assumption only · ends Sep 2045$81,929
Assumption + second · ends Sep 2045, second Dec 2056$713,562
New conventional · ends Dec 2056$839,123