Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,696/mo
Lowest payment- Down payment
- $491,127
- Funds due
- $505,368
- Interest + MI left
- $131,413
- First ends
- Nov 2048
Assumption
Assumption + second
$4,727/mo
+$3,030/mo- Down payment
- $68,127
- Funds due
- $84,427
- Interest + MI left
- $799,366
- First ends
- Nov 2048
New loan
New conventional
$4,669/mo
+$2,973/mo- Down payment
- $68,127
- Funds due
- $80,755
- Interest + MI left
- $887,349
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $183,873 | $183,873 | $606,873 |
| Second mortgage | — | $423,000 | — |
| First P&I | $1,105.95 | $1,105.95 | $4,111.17 |
| Second P&I | — | $3,030.42 | — |
| Mortgage insurance | $153.71 | $153.71 | $121.37 |
| Taxes, insurance & HOA | $436.67 | $436.67 | $436.67 |
| Total housing payment | $1,696.32 | $4,726.74 | $4,669.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,127
Closing costs & prepaids$16,300
Usable credit−$0
Total buyer cash needed$84,427
Earnest money paid−$0
Remaining funds due$84,427
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,750.00
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)$810.00
Prepaid interest, first (9 days)$206.29
Prepaid interest, second (9 days)$808.34
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing21 yr 11 moOf the original 30-year loan at 4.55%
Interest already paid$74,153Through Dec 2026
Assumption only · ends Nov 2048$131,413
Assumption + second · ends Nov 2048, second Jan 2057$799,366
New conventional · ends Jan 2057$887,349