Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,086/mo
Lowest payment- Down payment
- $431,366
- Funds due
- $445,495
- Interest + MI left
- $135,136
- First ends
- Nov 2046
Assumption
Assumption + second
$4,694/mo
+$2,608/mo- Down payment
- $67,366
- Funds due
- $83,208
- Interest + MI left
- $709,922
- First ends
- Nov 2046
New loan
New conventional
$4,635/mo
+$2,550/mo- Down payment
- $67,366
- Funds due
- $79,579
- Interest + MI left
- $880,712
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,334 | $238,334 | $602,334 |
| Second mortgage | — | $364,000 | — |
| First P&I | $1,435.69 | $1,435.69 | $4,080.42 |
| Second P&I | — | $2,607.74 | — |
| Mortgage insurance | $215.61 | $215.61 | $120.47 |
| Taxes, insurance & HOA | $434.58 | $434.58 | $434.58 |
| Total housing payment | $2,085.88 | $4,693.62 | $4,635.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,366
Closing costs & prepaids$15,842
Usable credit−$0
Total buyer cash needed$83,208
Earnest money paid−$0
Remaining funds due$83,208
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,697.00
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)$803.75
Prepaid interest, first (6 days)$152.79
Prepaid interest, second (6 days)$463.73
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 11 moOf the original 30-year loan at 3.9%
Interest already paid$107,667Through Dec 2026
Assumption only · ends Nov 2046$135,136
Assumption + second · ends Nov 2046, second Jan 2057$709,922
New conventional · ends Jan 2057$880,712