Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,669/mo
Lowest payment- Down payment
- $489,298
- Funds due
- $503,196
- Interest + MI left
- $72,634
- First ends
- Jul 2043
Assumption
Assumption + second
$4,707/mo
+$3,038/mo- Down payment
- $65,298
- Funds due
- $81,256
- Interest + MI left
- $742,166
- First ends
- Jul 2043
New loan
New conventional
$4,504/mo
+$2,835/mo- Down payment
- $65,298
- Funds due
- $77,634
- Interest + MI left
- $854,785
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $160,602 | $160,602 | $584,602 |
| Second mortgage | — | $424,000 | — |
| First P&I | $1,075.36 | $1,075.36 | $3,960.30 |
| Second P&I | — | $3,037.59 | — |
| Mortgage insurance | $166.92 | $166.92 | $116.92 |
| Taxes, insurance & HOA | $426.67 | $426.67 | $426.67 |
| Total housing payment | $1,668.95 | $4,706.54 | $4,503.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,298
Closing costs & prepaids$15,958
Usable credit−$0
Total buyer cash needed$81,256
Earnest money paid−$0
Remaining funds due$81,256
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)$780.00
Prepaid interest, first (9 days)$143.75
Prepaid interest, second (9 days)$810.25
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 closing16 yr 7 moOf the original 30-year loan at 3.63%
Interest already paid$98,082Through Dec 2026
Assumption only · ends Jul 2043$72,634
Assumption + second · ends Jul 2043, second Jan 2057$742,166
New conventional · ends Jan 2057$854,785