Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,380/mo
Lowest payment- Down payment
- $499,706
- Funds due
- $517,555
- Interest + MI left
- $278,681
- First ends
- Sep 2048
Assumption
Assumption + second
$6,310/mo
+$2,930/mo- Down payment
- $90,706
- Funds due
- $110,413
- Interest + MI left
- $924,526
- First ends
- Sep 2048
New loan
New conventional
$6,288/mo
+$2,909/mo- Down payment
- $90,706
- Funds due
- $106,620
- Interest + MI left
- $1,183,322
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $400,294 | $400,294 | $809,294 |
| Second mortgage | — | $409,000 | — |
| First P&I | $2,398.63 | $2,398.63 | $5,482.44 |
| Second P&I | — | $2,930.13 | — |
| Mortgage insurance | $336.90 | $336.90 | $161.86 |
| Taxes, insurance & HOA | $644.00 | $644.00 | $644.00 |
| Total housing payment | $3,379.53 | $6,309.65 | $6,288.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,706
Closing costs & prepaids$19,707
Usable credit−$0
Total buyer cash needed$110,413
Earnest money paid−$0
Remaining funds due$110,413
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,000.00
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)$1,080.00
Initial HOA (3 months)$201.99
Prepaid interest, first (7 days)$342.39
Prepaid interest, second (7 days)$607.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing21 yr 9 moOf the original 30-year loan at 4.46%
Interest already paid$162,134Through Dec 2026
Assumption only · ends Sep 2048$278,681
Assumption + second · ends Sep 2048, second Jan 2057$924,526
New conventional · ends Jan 2057$1,183,322