Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,218/mo
Lowest payment- Down payment
- $446,849
- Funds due
- $459,742
- Interest + MI left
- $64,599
- First ends
- Mar 2046
Assumption
Assumption + second
$4,012/mo
+$2,794/mo- Down payment
- $56,849
- Funds due
- $71,738
- Interest + MI left
- $680,441
- First ends
- Mar 2046
New loan
New conventional
$3,922/mo
+$2,703/mo- Down payment
- $56,849
- Funds due
- $68,157
- Interest + MI left
- $740,076
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $116,151 | $116,151 | $506,151 |
| Second mortgage | — | $390,000 | — |
| First P&I | $719.38 | $719.38 | $3,428.84 |
| Second P&I | — | $2,794.01 | — |
| Mortgage insurance | $107.25 | $107.25 | $101.23 |
| Taxes, insurance & HOA | $391.83 | $391.83 | $391.83 |
| Total housing payment | $1,218.46 | $4,012.47 | $3,921.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,849
Closing costs & prepaids$14,889
Usable credit−$0
Total buyer cash needed$71,738
Earnest money paid−$0
Remaining funds due$71,738
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,630.00
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)$675.50
Prepaid interest, first (9 days)$113.41
Prepaid interest, second (9 days)$745.27
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 3 moOf the original 30-year loan at 3.96%
Interest already paid$57,539Through Dec 2026
Assumption only · ends Mar 2046$64,599
Assumption + second · ends Mar 2046, second Jan 2057$680,441
New conventional · ends Jan 2057$740,076