Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,240/mo
Lowest payment- Down payment
- $482,178
- Funds due
- $496,520
- Interest + MI left
- $79,311
- First ends
- Feb 2040
Assumption
Assumption + second
$5,227/mo
+$2,987/mo- Down payment
- $65,178
- Funds due
- $80,948
- Interest + MI left
- $737,789
- First ends
- Feb 2040
New loan
New conventional
$4,773/mo
+$2,534/mo- Down payment
- $65,178
- Funds due
- $77,260
- Interest + MI left
- $886,922
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,822 | $167,822 | $584,822 |
| Second mortgage | — | $417,000 | — |
| First P&I | $1,441.28 | $1,441.28 | $4,049.19 |
| Second P&I | — | $2,987.44 | — |
| Mortgage insurance | $191.26 | $191.26 | $116.96 |
| Taxes, insurance & HOA | $607.17 | $607.17 | $607.17 |
| Total housing payment | $2,239.71 | $5,227.15 | $4,773.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,178
Closing costs & prepaids$15,769
Usable credit−$0
Total buyer cash needed$80,948
Earnest money paid−$0
Remaining funds due$80,948
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,500.00
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)$1,321.50
Prepaid interest, first (2 days)$45.52
Prepaid interest, second (2 days)$177.08
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 closing13 yr 3 moOf the original 30-year loan at 4.950%
Interest already paid$187,500Through Nov 2026
Assumption only · ends Feb 2040$79,311
Assumption + second · ends Feb 2040, second Dec 2056$737,789
New conventional · ends Dec 2056$886,922