Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,111/mo
Lowest payment- Down payment
- $344,328
- Funds due
- $357,790
- Interest + MI left
- $132,689
- First ends
- Mar 2047
Assumption
Assumption + second
$4,175/mo
+$2,063/mo- Down payment
- $56,328
- Funds due
- $71,162
- Interest + MI left
- $587,465
- First ends
- Mar 2047
New loan
New conventional
$4,182/mo
+$2,070/mo- Down payment
- $56,328
- Funds due
- $67,579
- Interest + MI left
- $756,170
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $210,672 | $210,672 | $498,672 |
| Second mortgage | — | $288,000 | — |
| First P&I | $1,296.63 | $1,296.63 | $3,452.70 |
| Second P&I | — | $2,063.27 | — |
| Mortgage insurance | $185.59 | $185.59 | $99.73 |
| Taxes, insurance & HOA | $629.17 | $629.17 | $629.17 |
| Total housing payment | $2,111.39 | $4,174.66 | $4,181.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,328
Closing costs & prepaids$14,834
Usable credit−$0
Total buyer cash needed$71,162
Earnest money paid−$0
Remaining funds due$71,162
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,550.00
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)$1,387.50
Prepaid interest, first (2 days)$49.64
Prepaid interest, second (2 days)$122.30
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 4 moOf the original 30-year loan at 4.300%
Interest already paid$99,068Through Nov 2026
Assumption only · ends Mar 2047$132,689
Assumption + second · ends Mar 2047, second Dec 2056$587,465
New conventional · ends Dec 2056$756,170