Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,182/mo
Lowest payment- Down payment
- $635,277
- Funds due
- $655,722
- Interest + MI left
- $229,657
- First ends
- Mar 2045
Assumption
Assumption + second
$7,979/mo
+$3,797/mo- Down payment
- $105,277
- Funds due
- $127,197
- Interest + MI left
- $1,066,571
- First ends
- Mar 2045
New loan
New conventional
$7,822/mo
+$3,640/mo- Down payment
- $105,277
- Funds due
- $123,157
- Interest + MI left
- $1,432,736
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $414,723 | $414,723 | $944,723 |
| Second mortgage | — | $530,000 | — |
| First P&I | $2,697.57 | $2,697.57 | $6,541.07 |
| Second P&I | — | $3,796.98 | — |
| Mortgage insurance | $392.61 | $392.61 | $188.94 |
| Taxes, insurance & HOA | $1,091.67 | $1,091.67 | $1,091.67 |
| Total housing payment | $4,181.85 | $7,978.83 | $7,821.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$105,277
Closing costs & prepaids$21,920
Usable credit−$0
Total buyer cash needed$127,197
Earnest money paid−$0
Remaining funds due$127,197
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$10,500.00
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)$2,625.00
Prepaid interest, first (2 days)$94.53
Prepaid interest, second (2 days)$225.07
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 closing18 yr 4 moOf the original 30-year loan at 4.160%
Interest already paid$238,109Through Nov 2026
Assumption only · ends Mar 2045$229,657
Assumption + second · ends Mar 2045, second Dec 2056$1,066,571
New conventional · ends Dec 2056$1,432,736