Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,115/mo
Lowest payment- Down payment
- $403,524
- Funds due
- $417,424
- Interest + MI left
- $128,011
- First ends
- Jul 2046
Assumption
Assumption + second
$4,537/mo
+$2,421/mo- Down payment
- $65,524
- Funds due
- $81,104
- Interest + MI left
- $661,742
- First ends
- Jul 2046
New loan
New conventional
$4,503/mo
+$2,388/mo- Down payment
- $65,524
- Funds due
- $77,514
- Interest + MI left
- $854,601
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,476 | $246,476 | $584,476 |
| Second mortgage | — | $338,000 | — |
| First P&I | $1,460.61 | $1,460.61 | $3,959.44 |
| Second P&I | — | $2,421.47 | — |
| Mortgage insurance | $228.13 | $228.13 | $116.90 |
| Taxes, insurance & HOA | $426.67 | $426.67 | $426.67 |
| Total housing payment | $2,115.40 | $4,536.87 | $4,503.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,524
Closing costs & prepaids$15,581
Usable credit−$0
Total buyer cash needed$81,104
Earnest money paid−$0
Remaining funds due$81,104
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)$145.05
Prepaid interest, second (6 days)$430.60
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 closing19 yr 7 moOf the original 30-year loan at 3.58%
Interest already paid$106,993Through Dec 2026
Assumption only · ends Jul 2046$128,011
Assumption + second · ends Jul 2046, second Jan 2057$661,742
New conventional · ends Jan 2057$854,601