Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,559/mo
Lowest payment- Down payment
- $447,058
- Funds due
- $460,552
- Interest + MI left
- $81,342
- First ends
- Sep 2045
Assumption
Assumption + second
$4,331/mo
+$2,773/mo- Down payment
- $60,058
- Funds due
- $75,542
- Interest + MI left
- $692,447
- First ends
- Sep 2045
New loan
New conventional
$4,223/mo
+$2,665/mo- Down payment
- $60,058
- Funds due
- $71,962
- Interest + MI left
- $789,338
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $152,842 | $152,842 | $539,842 |
| Second mortgage | — | $387,000 | — |
| First P&I | $956.35 | $956.35 | $3,657.08 |
| Second P&I | — | $2,772.52 | — |
| Mortgage insurance | $144.15 | $144.15 | $107.97 |
| Taxes, insurance & HOA | $458.17 | $458.17 | $458.17 |
| Total housing payment | $1,558.66 | $4,331.18 | $4,223.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,058
Closing costs & prepaids$15,484
Usable credit−$0
Total buyer cash needed$75,542
Earnest money paid−$0
Remaining funds due$75,542
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.00
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)$720.00
Initial HOA (3 months)$154.50
Prepaid interest, first (9 days)$145.85
Prepaid interest, second (9 days)$739.54
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 3.87%
Interest already paid$78,449Through Dec 2026
Assumption only · ends Sep 2045$81,342
Assumption + second · ends Sep 2045, second Jan 2057$692,447
New conventional · ends Jan 2057$789,338