Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,575/mo
Lowest payment- Down payment
- $497,337
- Funds due
- $511,391
- Interest + MI left
- $80,722
- First ends
- Sep 2045
Assumption
Assumption + second
$4,670/mo
+$3,095/mo- Down payment
- $65,337
- Funds due
- $81,467
- Interest + MI left
- $762,886
- First ends
- Sep 2045
New loan
New conventional
$4,556/mo
+$2,981/mo- Down payment
- $65,337
- Funds due
- $77,828
- Interest + MI left
- $854,874
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $152,663 | $152,663 | $584,663 |
| Second mortgage | — | $432,000 | — |
| First P&I | $952.86 | $952.86 | $3,960.71 |
| Second P&I | — | $3,094.90 | — |
| Mortgage insurance | $144.15 | $144.15 | $116.93 |
| Taxes, insurance & HOA | $478.17 | $478.17 | $478.17 |
| Total housing payment | $1,575.18 | $4,670.08 | $4,555.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,337
Closing costs & prepaids$16,130
Usable credit−$0
Total buyer cash needed$81,467
Earnest money paid−$0
Remaining funds due$81,467
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,500.00
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)$780.00
Initial HOA (3 months)$154.50
Prepaid interest, first (9 days)$144.55
Prepaid interest, second (9 days)$825.53
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 closing18 yr 9 moOf the original 30-year loan at 3.84%
Interest already paid$77,799Through Dec 2026
Assumption only · ends Sep 2045$80,722
Assumption + second · ends Sep 2045, second Jan 2057$762,886
New conventional · ends Jan 2057$854,874