Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,738/mo
Lowest payment- Down payment
- $391,828
- Funds due
- $404,927
- Interest + MI left
- $105,659
- First ends
- Jan 2047
Assumption
Assumption + second
$4,117/mo
+$2,378/mo- Down payment
- $59,828
- Funds due
- $74,248
- Interest + MI left
- $629,915
- First ends
- Jan 2047
New loan
New conventional
$4,197/mo
+$2,459/mo- Down payment
- $59,828
- Funds due
- $70,618
- Interest + MI left
- $811,624
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,172 | $203,172 | $535,172 |
| Second mortgage | — | $332,000 | — |
| First P&I | $1,168.45 | $1,168.45 | $3,705.42 |
| Second P&I | — | $2,378.49 | — |
| Mortgage insurance | $185.00 | $185.00 | $107.03 |
| Taxes, insurance & HOA | $384.92 | $384.92 | $384.92 |
| Total housing payment | $1,738.38 | $4,116.86 | $4,197.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,828
Closing costs & prepaids$14,420
Usable credit−$0
Total buyer cash needed$74,248
Earnest money paid−$0
Remaining funds due$74,248
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,950.00
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)$564.75
Initial HOA (3 months)$90.00
Prepaid interest, first (1 days)$19.32
Prepaid interest, second (1 days)$70.49
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 2 moOf the original 30-year loan at 3.470%
Interest already paid$79,867Through Nov 2026
Assumption only · ends Jan 2047$105,659
Assumption + second · ends Jan 2047, second Dec 2056$629,915
New conventional · ends Dec 2056$811,624