Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,880/mo
Lowest payment- Down payment
- $424,048
- Funds due
- $438,139
- Interest + MI left
- $92,113
- First ends
- Aug 2046
Assumption
Assumption + second
$4,487/mo
+$2,608/mo- Down payment
- $60,048
- Funds due
- $75,775
- Interest + MI left
- $666,899
- First ends
- Aug 2046
New loan
New conventional
$4,442/mo
+$2,562/mo- Down payment
- $60,048
- Funds due
- $72,182
- Interest + MI left
- $789,353
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,852 | $175,852 | $539,852 |
| Second mortgage | — | $364,000 | — |
| First P&I | $1,040.85 | $1,040.85 | $3,657.15 |
| Second P&I | — | $2,607.74 | — |
| Mortgage insurance | $162.16 | $162.16 | $107.97 |
| Taxes, insurance & HOA | $676.58 | $676.58 | $676.58 |
| Total housing payment | $1,879.60 | $4,487.34 | $4,441.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,048
Closing costs & prepaids$15,727
Usable credit−$0
Total buyer cash needed$75,775
Earnest money paid−$0
Remaining funds due$75,775
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.00
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)$1,529.75
Prepaid interest, first (5 days)$86.72
Prepaid interest, second (5 days)$386.44
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 8 moOf the original 30-year loan at 3.6%
Interest already paid$75,980Through Dec 2026
Assumption only · ends Aug 2046$92,113
Assumption + second · ends Aug 2046, second Jan 2057$666,899
New conventional · ends Jan 2057$789,353