Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,551/mo
Lowest payment- Down payment
- $455,723
- Funds due
- $469,184
- Interest + MI left
- $69,585
- First ends
- Sep 2045
Assumption
Assumption + second
$4,352/mo
+$2,801/mo- Down payment
- $64,723
- Funds due
- $79,517
- Interest + MI left
- $687,007
- First ends
- Sep 2045
New loan
New conventional
$4,456/mo
+$2,905/mo- Down payment
- $64,723
- Funds due
- $75,841
- Interest + MI left
- $872,180
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,177 | $184,177 | $575,177 |
| Second mortgage | — | $391,000 | — |
| First P&I | $1,031.55 | $1,031.55 | $3,982.41 |
| Second P&I | — | $2,801.17 | — |
| Mortgage insurance | $161.06 | $161.06 | $115.04 |
| Taxes, insurance & HOA | $358.17 | $358.17 | $358.17 |
| Total housing payment | $1,550.78 | $4,351.95 | $4,455.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,723
Closing costs & prepaids$14,795
Usable credit−$0
Total buyer cash needed$79,517
Earnest money paid−$0
Remaining funds due$79,517
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,399.00
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)$574.50
Prepaid interest, first (1 days)$13.12
Prepaid interest, second (1 days)$83.02
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 closing18 yr 10 moOf the original 25-year loan at 2.600%
Interest already paid$33,132Through Nov 2026
Assumption only · ends Sep 2045$69,585
Assumption + second · ends Sep 2045, second Dec 2056$687,007
New conventional · ends Dec 2056$872,180