Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,132/mo
Lowest payment- Down payment
- $447,909
- Funds due
- $462,427
- Interest + MI left
- $116,620
- First ends
- Apr 2046
Assumption
Assumption + second
$4,861/mo
+$2,730/mo- Down payment
- $66,909
- Funds due
- $82,758
- Interest + MI left
- $718,251
- First ends
- Apr 2046
New loan
New conventional
$4,865/mo
+$2,734/mo- Down payment
- $66,909
- Funds due
- $79,055
- Interest + MI left
- $899,344
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,091 | $212,091 | $593,091 |
| Second mortgage | — | $381,000 | — |
| First P&I | $1,296.09 | $1,296.09 | $4,106.44 |
| Second P&I | — | $2,729.53 | — |
| Mortgage insurance | $195.35 | $195.35 | $118.62 |
| Taxes, insurance & HOA | $640.08 | $640.08 | $640.08 |
| Total housing payment | $2,131.53 | $4,861.06 | $4,865.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,909
Closing costs & prepaids$15,849
Usable credit−$0
Total buyer cash needed$82,758
Earnest money paid−$0
Remaining funds due$82,758
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,600.00
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)$1,183.25
Initial HOA (3 months)$237.00
Prepaid interest, first (1 days)$22.49
Prepaid interest, second (1 days)$80.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5 moOf the original 30-year loan at 3.870%
Interest already paid$100,902Through Nov 2026
Assumption only · ends Apr 2046$116,620
Assumption + second · ends Apr 2046, second Dec 2056$718,251
New conventional · ends Dec 2056$899,344