Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,783/mo
Lowest payment- Down payment
- $429,309
- Funds due
- $442,728
- Interest + MI left
- $108,602
- First ends
- Feb 2046
Assumption
Assumption + second
$4,405/mo
+$2,622/mo- Down payment
- $63,309
- Funds due
- $78,056
- Interest + MI left
- $686,547
- First ends
- Feb 2046
New loan
New conventional
$4,393/mo
+$2,610/mo- Down payment
- $63,309
- Funds due
- $74,388
- Interest + MI left
- $851,730
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,691 | $195,691 | $561,691 |
| Second mortgage | — | $366,000 | — |
| First P&I | $1,210.98 | $1,210.98 | $3,889.04 |
| Second P&I | — | $2,622.07 | — |
| Mortgage insurance | $180.76 | $180.76 | $112.34 |
| Taxes, insurance & HOA | $391.17 | $391.17 | $391.17 |
| Total housing payment | $1,782.91 | $4,404.98 | $4,392.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,309
Closing costs & prepaids$14,747
Usable credit−$0
Total buyer cash needed$78,056
Earnest money paid−$0
Remaining funds due$78,056
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
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)$508.50
Initial HOA (3 months)$165.00
Prepaid interest, first (1 days)$21.18
Prepaid interest, second (1 days)$77.71
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 closing19 yr 3 moOf the original 30-year loan at 3.950%
Interest already paid$96,716Through Nov 2026
Assumption only · ends Feb 2046$108,602
Assumption + second · ends Feb 2046, second Dec 2056$686,547
New conventional · ends Dec 2056$851,730