Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,580/mo
Lowest payment- Down payment
- $316,474
- Funds due
- $332,868
- Interest + MI left
- $251,697
- First ends
- Feb 2048
Assumption
Assumption + second
$5,321/mo
+$1,741/mo- Down payment
- $73,474
- Funds due
- $91,170
- Interest + MI left
- $635,414
- First ends
- Feb 2048
New loan
New conventional
$5,502/mo
+$1,922/mo- Down payment
- $73,474
- Funds due
- $87,422
- Interest + MI left
- $995,666
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $413,526 | $413,526 | $656,526 |
| Second mortgage | — | $243,000 | — |
| First P&I | $2,396.70 | $2,396.70 | $4,545.65 |
| Second P&I | — | $1,740.88 | — |
| Mortgage insurance | $358.18 | $358.18 | $131.31 |
| Taxes, insurance & HOA | $825.00 | $825.00 | $825.00 |
| Total housing payment | $3,579.88 | $5,320.76 | $5,501.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,474
Closing costs & prepaids$17,696
Usable credit−$0
Total buyer cash needed$91,170
Earnest money paid−$0
Remaining funds due$91,170
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,300.00
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)$1,825.00
Prepaid interest, first (1 days)$44.64
Prepaid interest, second (1 days)$51.60
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 closing21 yr 3 moOf the original 30-year loan at 3.940%
Interest already paid$159,507Through Nov 2026
Assumption only · ends Feb 2048$251,697
Assumption + second · ends Feb 2048, second Dec 2056$635,414
New conventional · ends Dec 2056$995,666