Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,836/mo
Lowest payment- Down payment
- $405,878
- Funds due
- $419,404
- Interest + MI left
- $106,999
- First ends
- Nov 2046
Assumption
Assumption + second
$4,293/mo
+$2,457/mo- Down payment
- $62,878
- Funds due
- $78,091
- Interest + MI left
- $648,625
- First ends
- Nov 2046
New loan
New conventional
$4,293/mo
+$2,457/mo- Down payment
- $62,878
- Funds due
- $74,513
- Interest + MI left
- $813,031
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,122 | $213,122 | $556,122 |
| Second mortgage | — | $343,000 | — |
| First P&I | $1,225.42 | $1,225.42 | $3,767.36 |
| Second P&I | — | $2,457.29 | — |
| Mortgage insurance | $196.46 | $196.46 | $111.22 |
| Taxes, insurance & HOA | $414.25 | $414.25 | $414.25 |
| Total housing payment | $1,836.13 | $4,293.42 | $4,292.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,878
Closing costs & prepaids$15,213
Usable credit−$0
Total buyer cash needed$78,091
Earnest money paid−$0
Remaining funds due$78,091
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,190.00
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)$742.75
Prepaid interest, first (6 days)$118.06
Prepaid interest, second (6 days)$436.97
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 3.37%
Interest already paid$84,041Through Dec 2026
Assumption only · ends Nov 2046$106,999
Assumption + second · ends Nov 2046, second Jan 2057$648,625
New conventional · ends Jan 2057$813,031