Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,982/mo
Lowest payment- Down payment
- $514,403
- Funds due
- $528,847
- Interest + MI left
- $83,516
- First ends
- Sep 2042
Assumption
Assumption + second
$5,163/mo
+$3,181/mo- Down payment
- $70,403
- Funds due
- $86,191
- Interest + MI left
- $784,629
- First ends
- Sep 2042
New loan
New conventional
$4,968/mo
+$2,986/mo- Down payment
- $70,403
- Funds due
- $82,451
- Interest + MI left
- $954,825
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,596 | $185,596 | $629,596 |
| Second mortgage | — | $444,000 | — |
| First P&I | $1,301.47 | $1,301.47 | $4,359.20 |
| Second P&I | — | $3,180.87 | — |
| Mortgage insurance | $197.85 | $197.85 | $125.92 |
| Taxes, insurance & HOA | $483.09 | $483.09 | $483.09 |
| Total housing payment | $1,982.40 | $5,163.27 | $4,968.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,403
Closing costs & prepaids$15,788
Usable credit−$0
Total buyer cash needed$86,191
Earnest money paid−$0
Remaining funds due$86,191
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,999.99
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)$743.25
Initial HOA (3 months)$206.01
Prepaid interest, first (1 days)$19.32
Prepaid interest, second (1 days)$94.27
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 closing15 yr 10 moOf the original 30-year loan at 3.800%
Interest already paid$127,535Through Nov 2026
Assumption only · ends Sep 2042$83,516
Assumption + second · ends Sep 2042, second Dec 2056$784,629
New conventional · ends Dec 2056$954,825