Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,337/mo
Lowest payment- Down payment
- $437,937
- Funds due
- $452,891
- Interest + MI left
- $163,529
- First ends
- Sep 2048
Assumption
Assumption + second
$4,988/mo
+$2,651/mo- Down payment
- $67,937
- Funds due
- $84,220
- Interest + MI left
- $747,790
- First ends
- Sep 2048
New loan
New conventional
$5,039/mo
+$2,702/mo- Down payment
- $67,937
- Funds due
- $80,505
- Interest + MI left
- $912,949
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,063 | $232,063 | $602,063 |
| Second mortgage | — | $370,000 | — |
| First P&I | $1,392.52 | $1,392.52 | $4,168.56 |
| Second P&I | — | $2,650.73 | — |
| Mortgage insurance | $194.67 | $194.67 | $120.41 |
| Taxes, insurance & HOA | $750.25 | $750.25 | $750.25 |
| Total housing payment | $2,337.44 | $4,988.16 | $5,039.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,937
Closing costs & prepaids$16,283
Usable credit−$0
Total buyer cash needed$84,220
Earnest money paid−$0
Remaining funds due$84,220
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,700.00
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)$1,750.75
Prepaid interest, first (1 days)$28.61
Prepaid interest, second (1 days)$78.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 10 moOf the original 30-year loan at 4.500%
Interest already paid$93,701Through Nov 2026
Assumption only · ends Sep 2048$163,529
Assumption + second · ends Sep 2048, second Dec 2056$747,790
New conventional · ends Dec 2056$912,949