Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,584/mo
Lowest payment- Down payment
- $585,099
- Funds due
- $603,862
- Interest + MI left
- $175,146
- First ends
- Feb 2044
Assumption
Assumption + second
$7,115/mo
+$3,532/mo- Down payment
- $92,099
- Funds due
- $112,216
- Interest + MI left
- $953,635
- First ends
- Feb 2044
New loan
New conventional
$6,881/mo
+$3,298/mo- Down payment
- $92,099
- Funds due
- $108,271
- Interest + MI left
- $1,255,563
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $334,898 | $334,898 | $827,898 |
| Second mortgage | — | $493,000 | — |
| First P&I | $2,269.88 | $2,269.88 | $5,732.20 |
| Second P&I | — | $3,531.91 | — |
| Mortgage insurance | $330.36 | $330.36 | $165.58 |
| Taxes, insurance & HOA | $983.33 | $983.33 | $983.33 |
| Total housing payment | $3,583.58 | $7,115.49 | $6,881.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$92,099
Closing costs & prepaids$20,118
Usable credit−$0
Total buyer cash needed$112,216
Earnest money paid−$0
Remaining funds due$112,216
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,199.97
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$2,300.00
Prepaid interest, first (1 days)$38.17
Prepaid interest, second (1 days)$104.68
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 closing17 yr 3 moOf the original 30-year loan at 4.160%
Interest already paid$215,794Through Nov 2026
Assumption only · ends Feb 2044$175,146
Assumption + second · ends Feb 2044, second Dec 2056$953,635
New conventional · ends Dec 2056$1,255,563