Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,221/mo
Lowest payment- Down payment
- $393,218
- Funds due
- $407,309
- Interest + MI left
- $131,719
- First ends
- Jan 2047
Assumption
Assumption + second
$4,571/mo
+$2,350/mo- Down payment
- $65,218
- Funds due
- $80,698
- Interest + MI left
- $649,658
- First ends
- Jan 2047
New loan
New conventional
$4,675/mo
+$2,454/mo- Down payment
- $65,218
- Funds due
- $77,044
- Interest + MI left
- $881,553
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $253,282 | $253,282 | $581,282 |
| Second mortgage | — | $328,000 | — |
| First P&I | $1,456.64 | $1,456.64 | $4,024.68 |
| Second P&I | — | $2,349.83 | — |
| Mortgage insurance | $230.63 | $230.63 | $116.26 |
| Taxes, insurance & HOA | $534.17 | $534.17 | $534.17 |
| Total housing payment | $2,221.44 | $4,571.27 | $4,675.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,218
Closing costs & prepaids$15,480
Usable credit−$0
Total buyer cash needed$80,698
Earnest money paid−$0
Remaining funds due$80,698
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,465.00
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)$1,102.50
Prepaid interest, first (2 days)$48.16
Prepaid interest, second (2 days)$139.29
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 closing20 yr 2 moOf the original 30-year loan at 3.470%
Interest already paid$99,566Through Nov 2026
Assumption only · ends Jan 2047$131,719
Assumption + second · ends Jan 2047, second Dec 2056$649,658
New conventional · ends Dec 2056$881,553