Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,689/mo
Lowest payment- Down payment
- $482,108
- Funds due
- $495,504
- Interest + MI left
- $66,140
- First ends
- Feb 2041
Assumption
Assumption + second
$4,691/mo
+$3,002/mo- Down payment
- $63,108
- Funds due
- $77,843
- Interest + MI left
- $727,777
- First ends
- Feb 2041
New loan
New conventional
$4,406/mo
+$2,718/mo- Down payment
- $63,108
- Funds due
- $74,171
- Interest + MI left
- $859,730
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,892 | $147,892 | $566,892 |
| Second mortgage | — | $419,000 | — |
| First P&I | $1,154.52 | $1,154.52 | $3,925.05 |
| Second P&I | — | $3,001.77 | — |
| Mortgage insurance | $166.24 | $166.24 | $113.38 |
| Taxes, insurance & HOA | $368.00 | $368.00 | $368.00 |
| Total housing payment | $1,688.76 | $4,690.52 | $4,406.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,108
Closing costs & prepaids$14,735
Usable credit−$0
Total buyer cash needed$77,843
Earnest money paid−$0
Remaining funds due$77,843
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,300.00
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)$604.00
Prepaid interest, first (1 days)$17.22
Prepaid interest, second (1 days)$88.97
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 closing14 yr 3 moOf the original 30-year loan at 4.250%
Interest already paid$131,409Through Nov 2026
Assumption only · ends Feb 2041$66,140
Assumption + second · ends Feb 2041, second Dec 2056$727,777
New conventional · ends Dec 2056$859,730