Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$861/mo
Lowest payment- Down payment
- $421,116
- Funds due
- $433,271
- Interest + MI left
- $80,179
- First ends
- Sep 2055
Assumption
Assumption + second
$3,511/mo
+$2,651/mo- Down payment
- $51,116
- Funds due
- $64,599
- Interest + MI left
- $664,440
- First ends
- Sep 2055
New loan
New conventional
$3,621/mo
+$2,761/mo- Down payment
- $51,116
- Funds due
- $61,041
- Interest + MI left
- $694,412
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $87,884 | $87,884 | $457,884 |
| Second mortgage | — | $370,000 | — |
| First P&I | $460.09 | $460.09 | $3,170.30 |
| Second P&I | — | $2,650.73 | — |
| Mortgage insurance | $41.04 | $41.04 | $91.58 |
| Taxes, insurance & HOA | $359.50 | $359.50 | $359.50 |
| Total housing payment | $860.63 | $3,511.36 | $3,621.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,116
Closing costs & prepaids$13,483
Usable credit−$0
Total buyer cash needed$64,599
Earnest money paid−$0
Remaining funds due$64,599
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)$104.50
Initial HOA (3 months)$474.00
Prepaid interest, first (1 days)$11.12
Prepaid interest, second (1 days)$78.56
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 closing28 yr 10 moOf the original 30-year loan at 4.620%
Interest already paid$4,785Through Nov 2026
Assumption only · ends Sep 2055$80,179
Assumption + second · ends Sep 2055, second Dec 2056$664,440
New conventional · ends Dec 2056$694,412