Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,822/mo
Lowest payment- Down payment
- $558,739
- Funds due
- $576,381
- Interest + MI left
- $138,227
- First ends
- Sep 2045
Assumption
Assumption + second
$6,225/mo
+$3,403/mo- Down payment
- $83,739
- Funds due
- $102,833
- Interest + MI left
- $888,292
- First ends
- Sep 2045
New loan
New conventional
$6,217/mo
+$3,395/mo- Down payment
- $83,739
- Funds due
- $98,991
- Interest + MI left
- $1,130,089
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $270,261 | $270,261 | $745,261 |
| Second mortgage | — | $475,000 | — |
| First P&I | $1,658.11 | $1,658.11 | $5,160.04 |
| Second P&I | — | $3,402.96 | — |
| Mortgage insurance | $256.11 | $256.11 | $149.05 |
| Taxes, insurance & HOA | $907.50 | $907.50 | $907.50 |
| Total housing payment | $2,821.72 | $6,224.68 | $6,216.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$83,739
Closing costs & prepaids$19,094
Usable credit−$0
Total buyer cash needed$102,833
Earnest money paid−$0
Remaining funds due$102,833
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,290.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$2,072.50
Prepaid interest, first (2 days)$54.35
Prepaid interest, second (2 days)$201.71
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 closing18 yr 10 moOf the original 30-year loan at 3.670%
Interest already paid$130,879Through Nov 2026
Assumption only · ends Sep 2045$138,227
Assumption + second · ends Sep 2045, second Dec 2056$888,292
New conventional · ends Dec 2056$1,130,089