Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,809/mo
Lowest payment- Down payment
- $432,113
- Funds due
- $445,630
- Interest + MI left
- $78,844
- First ends
- Jul 2043
Assumption
Assumption + second
$4,460/mo
+$2,651/mo- Down payment
- $62,113
- Funds due
- $77,587
- Interest + MI left
- $663,105
- First ends
- Jul 2043
New loan
New conventional
$4,269/mo
+$2,459/mo- Down payment
- $62,113
- Funds due
- $74,034
- Interest + MI left
- $808,412
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,887 | $182,887 | $552,887 |
| Second mortgage | — | $370,000 | — |
| First P&I | $1,204.51 | $1,204.51 | $3,745.45 |
| Second P&I | — | $2,650.73 | — |
| Mortgage insurance | $192.15 | $192.15 | $110.58 |
| Taxes, insurance & HOA | $412.67 | $412.67 | $412.67 |
| Total housing payment | $1,809.33 | $4,460.05 | $4,268.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,113
Closing costs & prepaids$15,474
Usable credit−$0
Total buyer cash needed$77,587
Earnest money paid−$0
Remaining funds due$77,587
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,150.00
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)$738.00
Prepaid interest, first (9 days)$153.78
Prepaid interest, second (9 days)$707.05
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 3.41%
Interest already paid$105,549Through Dec 2026
Assumption only · ends Jul 2043$78,844
Assumption + second · ends Jul 2043, second Jan 2057$663,105
New conventional · ends Jan 2057$808,412