Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,079/mo
Lowest payment- Down payment
- $512,932
- Funds due
- $528,686
- Interest + MI left
- $111,994
- First ends
- Aug 2046
Assumption
Assumption + second
$5,231/mo
+$3,152/mo- Down payment
- $72,932
- Funds due
- $90,122
- Interest + MI left
- $806,791
- First ends
- Aug 2046
New loan
New conventional
$5,278/mo
+$3,199/mo- Down payment
- $72,932
- Funds due
- $86,379
- Interest + MI left
- $990,270
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,968 | $212,968 | $652,968 |
| Second mortgage | — | $440,000 | — |
| First P&I | $1,256.89 | $1,256.89 | $4,521.02 |
| Second P&I | — | $3,152.21 | — |
| Mortgage insurance | $195.82 | $195.82 | $130.59 |
| Taxes, insurance & HOA | $626.00 | $626.00 | $626.00 |
| Total housing payment | $2,078.71 | $5,230.92 | $5,277.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,932
Closing costs & prepaids$17,191
Usable credit−$0
Total buyer cash needed$90,122
Earnest money paid−$0
Remaining funds due$90,122
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,259.00
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)$1,228.00
Prepaid interest, first (2 days)$42.01
Prepaid interest, second (2 days)$186.85
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 9 moOf the original 30-year loan at 3.600%
Interest already paid$91,111Through Nov 2026
Assumption only · ends Aug 2046$111,994
Assumption + second · ends Aug 2046, second Dec 2056$806,791
New conventional · ends Dec 2056$990,270