Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,655/mo
Lowest payment- Down payment
- $448,169
- Funds due
- $461,511
- Interest + MI left
- $66,389
- First ends
- Nov 2042
Assumption
Assumption + second
$4,435/mo
+$2,780/mo- Down payment
- $60,169
- Funds due
- $74,843
- Interest + MI left
- $679,073
- First ends
- Nov 2042
New loan
New conventional
$4,296/mo
+$2,641/mo- Down payment
- $60,169
- Funds due
- $71,203
- Interest + MI left
- $818,538
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $151,731 | $151,731 | $539,731 |
| Second mortgage | — | $388,000 | — |
| First P&I | $1,042.25 | $1,042.25 | $3,736.99 |
| Second P&I | — | $2,779.68 | — |
| Mortgage insurance | $161.98 | $161.98 | $107.95 |
| Taxes, insurance & HOA | $450.83 | $450.83 | $450.83 |
| Total housing payment | $1,655.07 | $4,434.75 | $4,295.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,169
Closing costs & prepaids$14,674
Usable credit−$0
Total buyer cash needed$74,843
Earnest money paid−$0
Remaining funds due$74,843
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)$567.50
Initial HOA (3 months)$285.00
Prepaid interest, first (1 days)$15.05
Prepaid interest, second (1 days)$82.38
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 closing16 yrOf the original 30-year loan at 3.620%
Interest already paid$98,150Through Nov 2026
Assumption only · ends Nov 2042$66,389
Assumption + second · ends Nov 2042, second Dec 2056$679,073
New conventional · ends Dec 2056$818,538