Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,942/mo
Lowest payment- Down payment
- $575,000
- Funds due
- $588,691
- Interest + MI left
- $0
- First ends
- Dec 2024
Assumption
Assumption + second
$6,646/mo
+$3,704/mo- Down payment
- $58,000
- Funds due
- $73,490
- Interest + MI left
- $816,386
- First ends
- Dec 2024
New loan
New conventional
$4,261/mo
+$1,319/mo- Down payment
- $58,000
- Funds due
- $69,820
- Interest + MI left
- $755,940
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $0 | $0 | $517,000 |
| Second mortgage | — | $517,000 | — |
| First P&I | $2,286.88 | $2,286.88 | $3,502.34 |
| Second P&I | — | $3,703.85 | — |
| Mortgage insurance | — | — | $103.40 |
| Taxes, insurance & HOA | $655.42 | $655.42 | $655.42 |
| Total housing payment | $2,942.30 | $6,646.15 | $4,261.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,000
Closing costs & prepaids$15,490
Usable credit−$0
Total buyer cash needed$73,490
Earnest money paid−$0
Remaining funds due$73,490
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$1,466.25
Prepaid interest, second (5 days)$548.87
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing0 moOf the original 15-year loan at 4.5%
Interest already paid$112,697Through Dec 2024
Assumption only · ends Dec 2024$0
Assumption + second · ends Dec 2024, second Jan 2057$816,386
New conventional · ends Jan 2057$755,940