Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,406/mo
Lowest payment- Down payment
- $451,189
- Funds due
- $464,220
- Interest + MI left
- $84,575
- First ends
- Apr 2046
Assumption
Assumption + second
$4,200/mo
+$2,794/mo- Down payment
- $61,189
- Funds due
- $75,635
- Interest + MI left
- $700,418
- First ends
- Apr 2046
New loan
New conventional
$4,199/mo
+$2,792/mo- Down payment
- $61,189
- Funds due
- $71,996
- Interest + MI left
- $824,617
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $153,811 | $153,811 | $543,811 |
| Second mortgage | — | $390,000 | — |
| First P&I | $939.94 | $939.94 | $3,765.24 |
| Second P&I | — | $2,794.01 | — |
| Mortgage insurance | $141.67 | $141.67 | $108.76 |
| Taxes, insurance & HOA | $324.58 | $324.58 | $324.58 |
| Total housing payment | $1,406.20 | $4,200.21 | $4,198.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,189
Closing costs & prepaids$14,447
Usable credit−$0
Total buyer cash needed$75,635
Earnest money paid−$0
Remaining funds due$75,635
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,050.00
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)$473.75
Prepaid interest, first (2 days)$32.62
Prepaid interest, second (2 days)$165.62
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 closing19 yr 5 moOf the original 30-year loan at 3.870%
Interest already paid$73,175Through Nov 2026
Assumption only · ends Apr 2046$84,575
Assumption + second · ends Apr 2046, second Dec 2056$700,418
New conventional · ends Dec 2056$824,617