Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,739/mo
Lowest payment- Down payment
- $474,476
- Funds due
- $488,561
- Interest + MI left
- $87,760
- First ends
- Jan 2046
Assumption
Assumption + second
$4,670/mo
+$2,930/mo- Down payment
- $65,476
- Funds due
- $80,985
- Interest + MI left
- $733,605
- First ends
- Jan 2046
New loan
New conventional
$4,689/mo
+$2,950/mo- Down payment
- $65,476
- Funds due
- $77,309
- Interest + MI left
- $886,468
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,523 | $175,523 | $584,523 |
| Second mortgage | — | $409,000 | — |
| First P&I | $1,048.59 | $1,048.59 | $4,047.12 |
| Second P&I | — | $2,930.13 | — |
| Mortgage insurance | $165.41 | $165.41 | $116.90 |
| Taxes, insurance & HOA | $525.42 | $525.42 | $525.42 |
| Total housing payment | $1,739.42 | $4,669.54 | $4,689.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,476
Closing costs & prepaids$15,509
Usable credit−$0
Total buyer cash needed$80,985
Earnest money paid−$0
Remaining funds due$80,985
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,499.99
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)$1,076.25
Prepaid interest, first (2 days)$33.66
Prepaid interest, second (2 days)$173.68
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 2 moOf the original 30-year loan at 3.500%
Interest already paid$78,324Through Nov 2026
Assumption only · ends Jan 2046$87,760
Assumption + second · ends Jan 2046, second Dec 2056$733,605
New conventional · ends Dec 2056$886,468