Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,409/mo
Lowest payment- Down payment
- $465,103
- Funds due
- $477,577
- Interest + MI left
- $9,539
- First ends
- May 2031
Assumption
Assumption + second
$4,375/mo
+$2,966/mo- Down payment
- $51,103
- Funds due
- $65,619
- Interest + MI left
- $663,280
- First ends
- May 2031
New loan
New conventional
$3,622/mo
+$2,213/mo- Down payment
- $51,103
- Funds due
- $62,000
- Interest + MI left
- $662,047
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $38,785 | $38,785 | $452,785 |
| Second mortgage | — | $414,000 | — |
| First P&I | $855.03 | $855.03 | $3,067.32 |
| Second P&I | — | $2,965.95 | — |
| Mortgage insurance | $89.94 | $89.94 | $90.56 |
| Taxes, insurance & HOA | $464.25 | $464.25 | $464.25 |
| Total housing payment | $1,409.22 | $4,375.17 | $3,622.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,103
Closing costs & prepaids$14,516
Usable credit−$0
Total buyer cash needed$65,619
Earnest money paid−$0
Remaining funds due$65,619
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,038.88
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)$604.75
Initial HOA (3 months)$288.00
Prepaid interest, first (9 days)$68.09
Prepaid interest, second (9 days)$791.14
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 closing4 yr 5 moOf the original 30-year loan at 7.12%
Interest already paid$174,304Through Dec 2026
Assumption only · ends May 2031$9,539
Assumption + second · ends May 2031, second Jan 2057$663,280
New conventional · ends Jan 2057$662,047