Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,863/mo
Lowest payment- Down payment
- $429,875
- Funds due
- $443,705
- Interest + MI left
- $107,849
- First ends
- Feb 2046
Assumption
Assumption + second
$4,493/mo
+$2,629/mo- Down payment
- $62,875
- Funds due
- $78,657
- Interest + MI left
- $687,373
- First ends
- Feb 2046
New loan
New conventional
$4,392/mo
+$2,529/mo- Down payment
- $62,875
- Funds due
- $75,081
- Interest + MI left
- $821,920
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,125 | $195,125 | $562,125 |
| Second mortgage | — | $367,000 | — |
| First P&I | $1,210.98 | $1,210.98 | $3,808.03 |
| Second P&I | — | $2,629.23 | — |
| Mortgage insurance | $180.76 | $180.76 | $112.43 |
| Taxes, insurance & HOA | $471.67 | $471.67 | $471.67 |
| Total housing payment | $1,863.41 | $4,492.64 | $4,392.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,875
Closing costs & prepaids$15,781
Usable credit−$0
Total buyer cash needed$78,657
Earnest money paid−$0
Remaining funds due$78,657
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
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)$750.00
Initial HOA (3 months)$165.00
Prepaid interest, first (9 days)$190.05
Prepaid interest, second (9 days)$701.32
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 2 moOf the original 30-year loan at 3.95%
Interest already paid$97,360Through Dec 2026
Assumption only · ends Feb 2046$107,849
Assumption + second · ends Feb 2046, second Jan 2057$687,373
New conventional · ends Jan 2057$821,920