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
- $468,384
- Funds due
- $483,065
- Interest + MI left
- $74,259
- First ends
- Mar 2043
Assumption
Assumption + second
$5,002/mo
+$2,887/mo- Down payment
- $65,384
- Funds due
- $81,572
- Interest + MI left
- $710,630
- First ends
- Mar 2043
New loan
New conventional
$4,769/mo
+$2,654/mo- Down payment
- $65,384
- Funds due
- $77,904
- Interest + MI left
- $844,737
- 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 | $584,616 |
| Second mortgage | — | $403,000 | — |
| First P&I | $1,200.08 | $1,200.08 | $3,932.75 |
| Second P&I | — | $2,887.14 | — |
| Mortgage insurance | $195.32 | $195.32 | $116.92 |
| Taxes, insurance & HOA | $719.17 | $719.17 | $719.17 |
| Total housing payment | $2,114.57 | $5,001.71 | $4,768.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,384
Closing costs & prepaids$16,188
Usable credit−$0
Total buyer cash needed$81,572
Earnest money paid−$0
Remaining funds due$81,572
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)$1,657.50
Prepaid interest, first (3 days)$48.51
Prepaid interest, second (3 days)$256.71
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$710,630
New conventional · ends Jan 2057$844,737