Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,163/mo
Lowest payment- Down payment
- $553,223
- Funds due
- $571,199
- Interest + MI left
- $271,409
- First ends
- Mar 2049
Assumption
Assumption + second
$6,451/mo
+$3,288/mo- Down payment
- $94,223
- Funds due
- $114,034
- Interest + MI left
- $996,209
- First ends
- Mar 2049
New loan
New conventional
$6,455/mo
+$3,292/mo- Down payment
- $94,223
- Funds due
- $110,170
- Interest + MI left
- $1,229,355
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $381,777 | $381,777 | $840,777 |
| Second mortgage | — | $459,000 | — |
| First P&I | $2,255.15 | $2,255.15 | $5,695.72 |
| Second P&I | — | $3,288.33 | — |
| Mortgage insurance | $317.12 | $317.12 | $168.16 |
| Taxes, insurance & HOA | $590.67 | $590.67 | $590.67 |
| Total housing payment | $3,162.94 | $6,451.27 | $6,454.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$94,223
Closing costs & prepaids$19,811
Usable credit−$0
Total buyer cash needed$114,034
Earnest money paid−$0
Remaining funds due$114,034
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,350.00
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)$1,122.00
Prepaid interest, first (6 days)$279.27
Prepaid interest, second (6 days)$584.75
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 closing22 yr 3 moOf the original 30-year loan at 4.45%
Interest already paid$143,806Through Dec 2026
Assumption only · ends Mar 2049$271,409
Assumption + second · ends Mar 2049, second Jan 2057$996,209
New conventional · ends Jan 2057$1,229,355