Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,646/mo
Lowest payment- Down payment
- $476,826
- Funds due
- $490,774
- Interest + MI left
- $80,660
- First ends
- Nov 2036
Assumption
Assumption + second
$5,590/mo
+$2,944/mo- Down payment
- $65,826
- Funds due
- $81,547
- Interest + MI left
- $729,663
- First ends
- Nov 2036
New loan
New conventional
$4,501/mo
+$1,855/mo- Down payment
- $65,826
- Funds due
- $77,812
- Interest + MI left
- $854,159
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,174 | $173,174 | $584,174 |
| Second mortgage | — | $411,000 | — |
| First P&I | $2,001.05 | $2,001.05 | $3,957.40 |
| Second P&I | — | $2,944.45 | — |
| Mortgage insurance | $218.31 | $218.31 | $116.83 |
| Taxes, insurance & HOA | $426.67 | $426.67 | $426.67 |
| Total housing payment | $2,646.03 | $5,590.49 | $4,500.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,826
Closing costs & prepaids$15,721
Usable credit−$0
Total buyer cash needed$81,547
Earnest money paid−$0
Remaining funds due$81,547
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,500.00
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)$780.00
Prepaid interest, first (6 days)$192.44
Prepaid interest, second (6 days)$523.60
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 closing9 yr 11 moOf the original 30-year loan at 6.76%
Interest already paid$347,224Through Dec 2026
Assumption only · ends Nov 2036$80,660
Assumption + second · ends Nov 2036, second Jan 2057$729,663
New conventional · ends Jan 2057$854,159