Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,047/mo
Lowest payment- Down payment
- $395,077
- Funds due
- $409,150
- Interest + MI left
- $99,367
- First ends
- Feb 2046
Assumption
Assumption + second
$4,461/mo
+$2,414/mo- Down payment
- $58,077
- Funds due
- $73,543
- Interest + MI left
- $631,518
- First ends
- Feb 2046
New loan
New conventional
$4,452/mo
+$2,405/mo- Down payment
- $58,077
- Funds due
- $69,939
- Interest + MI left
- $783,693
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,823 | $179,823 | $516,823 |
| Second mortgage | — | $337,000 | — |
| First P&I | $1,110.91 | $1,110.91 | $3,578.38 |
| Second P&I | — | $2,414.31 | — |
| Mortgage insurance | $166.23 | $166.23 | $103.36 |
| Taxes, insurance & HOA | $769.84 | $769.84 | $769.84 |
| Total housing payment | $2,046.97 | $4,461.28 | $4,451.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,077
Closing costs & prepaids$15,465
Usable credit−$0
Total buyer cash needed$73,543
Earnest money paid−$0
Remaining funds due$73,543
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,749.00
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)$1,462.50
Initial HOA (3 months)$347.01
Prepaid interest, first (2 days)$38.72
Prepaid interest, second (2 days)$143.11
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 3 moOf the original 30-year loan at 3.930%
Interest already paid$88,458Through Nov 2026
Assumption only · ends Feb 2046$99,367
Assumption + second · ends Feb 2046, second Dec 2056$631,518
New conventional · ends Dec 2056$783,693