Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,021/mo
Lowest payment- Down payment
- $446,942
- Funds due
- $463,561
- Interest + MI left
- $188,049
- First ends
- Sep 2046
Assumption
Assumption + second
$5,651/mo
+$2,629/mo- Down payment
- $79,942
- Funds due
- $98,279
- Interest + MI left
- $767,573
- First ends
- Sep 2046
New loan
New conventional
$5,614/mo
+$2,593/mo- Down payment
- $79,942
- Funds due
- $94,593
- Interest + MI left
- $1,045,387
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $347,958 | $347,958 | $714,958 |
| Second mortgage | — | $367,000 | — |
| First P&I | $2,075.14 | $2,075.14 | $4,843.37 |
| Second P&I | — | $2,629.23 | — |
| Mortgage insurance | $318.56 | $318.56 | $142.99 |
| Taxes, insurance & HOA | $627.67 | $627.67 | $627.67 |
| Total housing payment | $3,021.37 | $5,650.61 | $5,614.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,942
Closing costs & prepaids$18,337
Usable credit−$0
Total buyer cash needed$98,279
Earnest money paid−$0
Remaining funds due$98,279
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,949.00
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)$954.00
Initial HOA (3 months)$279.00
Prepaid interest, first (6 days)$212.78
Prepaid interest, second (6 days)$467.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 9 moOf the original 30-year loan at 3.72%
Interest already paid$153,466Through Dec 2026
Assumption only · ends Sep 2046$188,049
Assumption + second · ends Sep 2046, second Jan 2057$767,573
New conventional · ends Jan 2057$1,045,387