Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,147/mo
Lowest payment- Down payment
- $506,284
- Funds due
- $521,441
- Interest + MI left
- $74,259
- First ends
- Mar 2043
Assumption
Assumption + second
$5,278/mo
+$3,131/mo- Down payment
- $69,284
- Funds due
- $85,969
- Interest + MI left
- $764,318
- First ends
- Mar 2043
New loan
New conventional
$5,037/mo
+$2,890/mo- Down payment
- $69,284
- Funds due
- $82,261
- Interest + MI left
- $893,865
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $181,616 | $181,616 | $618,616 |
| Second mortgage | — | $437,000 | — |
| First P&I | $1,200.08 | $1,200.08 | $4,161.47 |
| Second P&I | — | $3,130.72 | — |
| Mortgage insurance | $195.32 | $195.32 | $123.72 |
| Taxes, insurance & HOA | $751.42 | $751.42 | $751.42 |
| Total housing payment | $2,146.82 | $5,277.54 | $5,036.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,284
Closing costs & prepaids$16,685
Usable credit−$0
Total buyer cash needed$85,969
Earnest money paid−$0
Remaining funds due$85,969
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,879.00
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)$1,754.25
Prepaid interest, first (3 days)$48.51
Prepaid interest, second (3 days)$278.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 3 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 closing16 yr 3 moOf the original 30-year loan at 3.25%
Interest already paid$103,879Through Dec 2026
Assumption only · ends Mar 2043$74,259
Assumption + second · ends Mar 2043, second Jan 2057$764,318
New conventional · ends Jan 2057$893,865