Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,936/mo
Lowest payment- Down payment
- $461,113
- Funds due
- $475,119
- Interest + MI left
- $139,696
- First ends
- Jun 2047
Assumption
Assumption + second
$4,745/mo
+$2,808/mo- Down payment
- $69,113
- Funds due
- $84,452
- Interest + MI left
- $758,697
- First ends
- Jun 2047
New loan
New conventional
$4,772/mo
+$2,836/mo- Down payment
- $69,113
- Funds due
- $80,727
- Interest + MI left
- $933,882
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,787 | $223,787 | $615,787 |
| Second mortgage | — | $392,000 | — |
| First P&I | $1,354.87 | $1,354.87 | $4,263.58 |
| Second P&I | — | $2,808.34 | — |
| Mortgage insurance | $196.25 | $196.25 | $123.16 |
| Taxes, insurance & HOA | $385.33 | $385.33 | $385.33 |
| Total housing payment | $1,936.46 | $4,744.79 | $4,772.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,113
Closing costs & prepaids$15,339
Usable credit−$0
Total buyer cash needed$84,452
Earnest money paid−$0
Remaining funds due$84,452
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,849.00
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)$656.00
Prepaid interest, first (1 days)$25.75
Prepaid interest, second (1 days)$83.23
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 closing20 yr 7 moOf the original 30-year loan at 4.200%
Interest already paid$99,827Through Nov 2026
Assumption only · ends Jun 2047$139,696
Assumption + second · ends Jun 2047, second Dec 2056$758,697
New conventional · ends Dec 2056$933,882