Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,702/mo
Lowest payment- Down payment
- $488,896
- Funds due
- $503,118
- Interest + MI left
- $132,920
- First ends
- Nov 2048
Assumption
Assumption + second
$4,718/mo
+$3,016/mo- Down payment
- $67,896
- Funds due
- $84,172
- Interest + MI left
- $797,714
- First ends
- Nov 2048
New loan
New conventional
$4,656/mo
+$2,954/mo- Down payment
- $67,896
- Funds due
- $80,501
- Interest + MI left
- $884,762
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,104 | $184,104 | $605,104 |
| Second mortgage | — | $421,000 | — |
| First P&I | $1,112.42 | $1,112.42 | $4,099.19 |
| Second P&I | — | $3,016.10 | — |
| Mortgage insurance | $153.71 | $153.71 | $121.02 |
| Taxes, insurance & HOA | $435.83 | $435.83 | $435.83 |
| Total housing payment | $1,701.96 | $4,718.06 | $4,656.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,896
Closing costs & prepaids$16,276
Usable credit−$0
Total buyer cash needed$84,172
Earnest money paid−$0
Remaining funds due$84,172
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,730.00
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)$807.50
Prepaid interest, first (9 days)$208.82
Prepaid interest, second (9 days)$804.51
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 4.6%
Interest already paid$75,012Through Dec 2026
Assumption only · ends Nov 2048$132,920
Assumption + second · ends Nov 2048, second Jan 2057$797,714
New conventional · ends Jan 2057$884,762