Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,932/mo
Lowest payment- Down payment
- $516,159
- Funds due
- $531,717
- Interest + MI left
- $107,733
- First ends
- Oct 2046
Assumption
Assumption + second
$5,106/mo
+$3,174/mo- Down payment
- $73,159
- Funds due
- $90,814
- Interest + MI left
- $807,267
- First ends
- Oct 2046
New loan
New conventional
$5,075/mo
+$3,143/mo- Down payment
- $73,159
- Funds due
- $87,165
- Interest + MI left
- $957,486
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $211,841 | $211,841 | $654,841 |
| Second mortgage | — | $443,000 | — |
| First P&I | $1,229.22 | $1,229.22 | $4,436.12 |
| Second P&I | — | $3,173.71 | — |
| Mortgage insurance | $195.35 | $195.35 | $130.97 |
| Taxes, insurance & HOA | $507.83 | $507.83 | $507.83 |
| Total housing payment | $1,932.40 | $5,106.11 | $5,074.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,159
Closing costs & prepaids$17,655
Usable credit−$0
Total buyer cash needed$90,814
Earnest money paid−$0
Remaining funds due$90,814
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,280.00
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)$873.50
Prepaid interest, first (9 days)$179.69
Prepaid interest, second (9 days)$846.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 10 moOf the original 30-year loan at 3.44%
Interest already paid$86,012Through Dec 2026
Assumption only · ends Oct 2046$107,733
Assumption + second · ends Oct 2046, second Jan 2057$807,267
New conventional · ends Jan 2057$957,486