Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$565/mo
Lowest payment- Down payment
- $426,041
- Funds due
- $437,453
- Interest + MI left
- $11,815
- First ends
- Sep 2043
Assumption
Assumption + second
$3,294/mo
+$2,730/mo- Down payment
- $45,041
- Funds due
- $57,865
- Interest + MI left
- $613,446
- First ends
- Sep 2043
New loan
New conventional
$3,262/mo
+$2,698/mo- Down payment
- $45,041
- Funds due
- $54,362
- Interest + MI left
- $614,148
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $23,959 | $23,959 | $404,959 |
| Second mortgage | — | $381,000 | — |
| First P&I | $162.93 | $162.93 | $2,803.85 |
| Second P&I | — | $2,729.53 | — |
| Mortgage insurance | $24.23 | $24.23 | $80.99 |
| Taxes, insurance & HOA | $377.41 | $377.41 | $377.41 |
| Total housing payment | $564.58 | $3,294.11 | $3,262.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,041
Closing costs & prepaids$12,824
Usable credit−$0
Total buyer cash needed$57,865
Earnest money paid−$0
Remaining funds due$57,865
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$396.25
Initial HOA (3 months)$285.99
Prepaid interest, first (2 days)$5.23
Prepaid interest, second (2 days)$161.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing16 yr 10 moOf the original 30-year loan at 3.980%
Interest already paid$15,492Through Nov 2026
Assumption only · ends Sep 2043$11,815
Assumption + second · ends Sep 2043, second Dec 2056$613,446
New conventional · ends Dec 2056$614,148