Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,034/mo
Lowest payment- Down payment
- $446,518
- Funds due
- $460,551
- Interest + MI left
- $112,837
- First ends
- Jun 2045
Assumption
Assumption + second
$4,757/mo
+$2,722/mo- Down payment
- $66,518
- Funds due
- $81,882
- Interest + MI left
- $712,889
- First ends
- Jun 2045
New loan
New conventional
$4,725/mo
+$2,691/mo- Down payment
- $66,518
- Funds due
- $78,185
- Interest + MI left
- $907,638
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,482 | $218,482 | $598,482 |
| Second mortgage | — | $380,000 | — |
| First P&I | $1,364.17 | $1,364.17 | $4,143.77 |
| Second P&I | — | $2,722.37 | — |
| Mortgage insurance | $208.14 | $208.14 | $119.70 |
| Taxes, insurance & HOA | $461.83 | $461.83 | $461.83 |
| Total housing payment | $2,034.14 | $4,756.50 | $4,725.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,518
Closing costs & prepaids$15,364
Usable credit−$0
Total buyer cash needed$81,882
Earnest money paid−$0
Remaining funds due$81,882
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,650.00
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)$768.50
Initial HOA (3 months)$117.00
Prepaid interest, first (1 days)$22.57
Prepaid interest, second (1 days)$80.68
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 closing18 yr 7 moOf the original 30-year loan at 3.770%
Interest already paid$111,531Through Nov 2026
Assumption only · ends Jun 2045$112,837
Assumption + second · ends Jun 2045, second Dec 2056$712,889
New conventional · ends Dec 2056$907,638