Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,233/mo
Lowest payment- Down payment
- $417,548
- Funds due
- $431,239
- Interest + MI left
- $78,621
- First ends
- Feb 2040
Assumption
Assumption + second
$4,805/mo
+$2,572/mo- Down payment
- $58,548
- Funds due
- $73,642
- Interest + MI left
- $645,513
- First ends
- Feb 2040
New loan
New conventional
$4,358/mo
+$2,124/mo- Down payment
- $58,548
- Funds due
- $70,022
- Interest + MI left
- $798,400
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $167,452 | $167,452 | $526,452 |
| Second mortgage | — | $359,000 | — |
| First P&I | $1,434.70 | $1,434.70 | $3,645.05 |
| Second P&I | — | $2,571.92 | — |
| Mortgage insurance | $191.26 | $191.26 | $105.29 |
| Taxes, insurance & HOA | $607.17 | $607.17 | $607.17 |
| Total housing payment | $2,233.13 | $4,805.05 | $4,357.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,548
Closing costs & prepaids$15,094
Usable credit−$0
Total buyer cash needed$73,642
Earnest money paid−$0
Remaining funds due$73,642
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,850.00
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)$1,321.50
Prepaid interest, first (2 days)$45.05
Prepaid interest, second (2 days)$152.45
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 closing13 yr 3 moOf the original 30-year loan at 4.910%
Interest already paid$185,809Through Nov 2026
Assumption only · ends Feb 2040$78,621
Assumption + second · ends Feb 2040, second Dec 2056$645,513
New conventional · ends Dec 2056$798,400