Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,469/mo
Lowest payment- Down payment
- $448,397
- Funds due
- $463,695
- Interest + MI left
- $87,440
- First ends
- Jul 2043
Assumption
Assumption + second
$5,213/mo
+$2,744/mo- Down payment
- $65,397
- Funds due
- $82,026
- Interest + MI left
- $692,230
- First ends
- Jul 2043
New loan
New conventional
$5,099/mo
+$2,630/mo- Down payment
- $65,397
- Funds due
- $78,340
- Interest + MI left
- $886,438
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,503 | $201,503 | $584,503 |
| Second mortgage | — | $383,000 | — |
| First P&I | $1,323.18 | $1,323.18 | $4,046.98 |
| Second P&I | — | $2,743.86 | — |
| Mortgage insurance | $210.81 | $210.81 | $116.90 |
| Taxes, insurance & HOA | $934.92 | $934.92 | $934.92 |
| Total housing payment | $2,468.91 | $5,212.77 | $5,098.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,397
Closing costs & prepaids$16,629
Usable credit−$0
Total buyer cash needed$82,026
Earnest money paid−$0
Remaining funds due$82,026
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,499.00
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)$2,304.75
Prepaid interest, first (1 days)$18.88
Prepaid interest, second (1 days)$81.32
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 closing16 yr 8 moOf the original 30-year loan at 3.420%
Interest already paid$115,594Through Nov 2026
Assumption only · ends Jul 2043$87,440
Assumption + second · ends Jul 2043, second Dec 2056$692,230
New conventional · ends Dec 2056$886,438