Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,552/mo
Lowest payment- Down payment
- $490,720
- Funds due
- $504,368
- Interest + MI left
- $132,218
- First ends
- Nov 2048
Assumption
Assumption + second
$4,582/mo
+$3,030/mo- Down payment
- $67,720
- Funds due
- $82,797
- Interest + MI left
- $800,171
- First ends
- Nov 2048
New loan
New conventional
$4,618/mo
+$3,066/mo- Down payment
- $67,720
- Funds due
- $79,091
- Interest + MI left
- $920,981
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,280 | $184,280 | $607,280 |
| Second mortgage | — | $423,000 | — |
| First P&I | $1,105.95 | $1,105.95 | $4,204.68 |
| Second P&I | — | $3,030.42 | — |
| Mortgage insurance | $153.71 | $153.71 | $121.46 |
| Taxes, insurance & HOA | $292.25 | $292.25 | $292.25 |
| Total housing payment | $1,551.90 | $4,582.33 | $4,618.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,720
Closing costs & prepaids$15,077
Usable credit−$0
Total buyer cash needed$82,797
Earnest money paid−$0
Remaining funds due$82,797
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)$376.75
Prepaid interest, first (2 days)$45.94
Prepaid interest, second (2 days)$179.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing22 yrOf the original 30-year loan at 4.550%
Interest already paid$73,454Through Nov 2026
Assumption only · ends Nov 2048$132,218
Assumption + second · ends Nov 2048, second Dec 2056$800,171
New conventional · ends Dec 2056$920,981