Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,113/mo
Lowest payment- Down payment
- $411,443
- Funds due
- $425,449
- Interest + MI left
- $103,547
- First ends
- Jul 2044
Assumption
Assumption + second
$4,628/mo
+$2,515/mo- Down payment
- $60,443
- Funds due
- $75,848
- Interest + MI left
- $657,806
- First ends
- Jul 2044
New loan
New conventional
$4,502/mo
+$2,389/mo- Down payment
- $60,443
- Funds due
- $72,219
- Interest + MI left
- $816,758
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,557 | $187,557 | $538,557 |
| Second mortgage | — | $351,000 | — |
| First P&I | $1,266.36 | $1,266.36 | $3,728.86 |
| Second P&I | — | $2,514.61 | — |
| Mortgage insurance | $180.83 | $180.83 | $107.71 |
| Taxes, insurance & HOA | $665.83 | $665.83 | $665.83 |
| Total housing payment | $2,113.02 | $4,627.63 | $4,502.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,443
Closing costs & prepaids$15,406
Usable credit−$0
Total buyer cash needed$75,848
Earnest money paid−$0
Remaining funds due$75,848
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,990.00
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)$1,497.50
Prepaid interest, first (2 days)$44.40
Prepaid interest, second (2 days)$149.05
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 closing17 yr 8 moOf the original 30-year loan at 4.320%
Interest already paid$119,688Through Nov 2026
Assumption only · ends Jul 2044$103,547
Assumption + second · ends Jul 2044, second Dec 2056$657,806
New conventional · ends Dec 2056$816,758