Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,630/mo
Lowest payment- Down payment
- $488,711
- Funds due
- $502,363
- Interest + MI left
- $73,224
- First ends
- Jul 2043
Assumption
Assumption + second
$4,660/mo
+$3,030/mo- Down payment
- $65,711
- Funds due
- $80,703
- Interest + MI left
- $741,176
- First ends
- Jul 2043
New loan
New conventional
$4,549/mo
+$2,919/mo- Down payment
- $65,711
- Funds due
- $77,009
- Interest + MI left
- $885,845
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,189 | $161,189 | $584,189 |
| Second mortgage | — | $423,000 | — |
| First P&I | $1,075.36 | $1,075.36 | $4,044.81 |
| Second P&I | — | $3,030.42 | — |
| Mortgage insurance | $166.92 | $166.92 | $116.84 |
| Taxes, insurance & HOA | $387.58 | $387.58 | $387.58 |
| Total housing payment | $1,629.87 | $4,660.29 | $4,549.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,711
Closing costs & prepaids$14,993
Usable credit−$0
Total buyer cash needed$80,703
Earnest money paid−$0
Remaining funds due$80,703
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,499.00
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)$662.75
Prepaid interest, first (1 days)$16.03
Prepaid interest, second (1 days)$89.82
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 closing16 yr 8 moOf the original 30-year loan at 3.630%
Interest already paid$97,594Through Nov 2026
Assumption only · ends Jul 2043$73,224
Assumption + second · ends Jul 2043, second Dec 2056$741,176
New conventional · ends Dec 2056$885,845