Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,847/mo
Lowest payment- Down payment
- $416,055
- Funds due
- $429,385
- Interest + MI left
- $116,232
- First ends
- Jan 2046
Assumption
Assumption + second
$4,375/mo
+$2,529/mo- Down payment
- $63,055
- Funds due
- $77,785
- Interest + MI left
- $673,648
- First ends
- Jan 2046
New loan
New conventional
$4,356/mo
+$2,510/mo- Down payment
- $63,055
- Funds due
- $74,137
- Interest + MI left
- $852,227
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $208,945 | $208,945 | $561,945 |
| Second mortgage | — | $353,000 | — |
| First P&I | $1,300.03 | $1,300.03 | $3,890.79 |
| Second P&I | — | $2,528.94 | — |
| Mortgage insurance | $193.35 | $193.35 | $112.39 |
| Taxes, insurance & HOA | $353.17 | $353.17 | $353.17 |
| Total housing payment | $1,846.54 | $4,375.48 | $4,356.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,055
Closing costs & prepaids$14,730
Usable credit−$0
Total buyer cash needed$77,785
Earnest money paid−$0
Remaining funds due$77,785
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
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)$559.50
Prepaid interest, first (2 days)$45.57
Prepaid interest, second (2 days)$149.90
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 3.980%
Interest already paid$104,985Through Nov 2026
Assumption only · ends Jan 2046$116,232
Assumption + second · ends Jan 2046, second Dec 2056$673,648
New conventional · ends Dec 2056$852,227