Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,081/mo
Lowest payment- Down payment
- $554,344
- Funds due
- $572,577
- Interest + MI left
- $201,370
- First ends
- May 2048
Assumption
Assumption + second
$6,419/mo
+$3,338/mo- Down payment
- $88,344
- Funds due
- $108,025
- Interest + MI left
- $937,223
- First ends
- May 2048
New loan
New conventional
$6,550/mo
+$3,469/mo- Down payment
- $88,344
- Funds due
- $104,142
- Interest + MI left
- $1,193,017
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $320,656 | $320,656 | $786,656 |
| Second mortgage | — | $466,000 | — |
| First P&I | $1,860.05 | $1,860.05 | $5,446.65 |
| Second P&I | — | $3,338.48 | — |
| Mortgage insurance | $274.98 | $274.98 | $157.33 |
| Taxes, insurance & HOA | $945.83 | $945.83 | $945.83 |
| Total housing payment | $3,080.85 | $6,419.34 | $6,549.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,344
Closing costs & prepaids$19,681
Usable credit−$0
Total buyer cash needed$108,025
Earnest money paid−$0
Remaining funds due$108,025
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,750.00
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)$2,187.50
Prepaid interest, first (2 days)$70.81
Prepaid interest, second (2 days)$197.89
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 closing21 yr 6 moOf the original 30-year loan at 4.030%
Interest already paid$122,181Through Nov 2026
Assumption only · ends May 2048$201,370
Assumption + second · ends May 2048, second Dec 2056$937,223
New conventional · ends Dec 2056$1,193,017