Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,643/mo
Lowest payment- Down payment
- $363,696
- Funds due
- $376,369
- Interest + MI left
- $95,717
- First ends
- Sep 2046
Assumption
Assumption + second
$3,857/mo
+$2,214/mo- Down payment
- $54,696
- Funds due
- $68,685
- Interest + MI left
- $583,654
- First ends
- Sep 2046
New loan
New conventional
$3,903/mo
+$2,260/mo- Down payment
- $54,696
- Funds due
- $65,103
- Interest + MI left
- $743,579
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $181,304 | $181,304 | $490,304 |
| Second mortgage | — | $309,000 | — |
| First P&I | $1,066.92 | $1,066.92 | $3,394.77 |
| Second P&I | — | $2,213.71 | — |
| Mortgage insurance | $166.23 | $166.23 | $98.06 |
| Taxes, insurance & HOA | $409.92 | $409.92 | $409.92 |
| Total housing payment | $1,643.06 | $3,856.78 | $3,902.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,696
Closing costs & prepaids$13,988
Usable credit−$0
Total buyer cash needed$68,685
Earnest money paid−$0
Remaining funds due$68,685
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,450.00
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)$729.75
Prepaid interest, first (1 days)$17.88
Prepaid interest, second (1 days)$65.61
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 closing19 yr 10 moOf the original 30-year loan at 3.600%
Interest already paid$76,797Through Nov 2026
Assumption only · ends Sep 2046$95,717
Assumption + second · ends Sep 2046, second Dec 2056$583,654
New conventional · ends Dec 2056$743,579