Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,558/mo
Lowest payment- Down payment
- $488,491
- Funds due
- $502,119
- Interest + MI left
- $133,734
- First ends
- Nov 2048
Assumption
Assumption + second
$4,574/mo
+$3,016/mo- Down payment
- $67,491
- Funds due
- $82,548
- Interest + MI left
- $798,528
- First ends
- Nov 2048
New loan
New conventional
$4,606/mo
+$3,047/mo- Down payment
- $67,491
- Funds due
- $78,843
- Interest + MI left
- $918,295
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,509 | $184,509 | $605,509 |
| Second mortgage | — | $421,000 | — |
| First P&I | $1,112.42 | $1,112.42 | $4,192.42 |
| Second P&I | — | $3,016.10 | — |
| Mortgage insurance | $153.71 | $153.71 | $121.10 |
| Taxes, insurance & HOA | $292.25 | $292.25 | $292.25 |
| Total housing payment | $1,558.38 | $4,574.47 | $4,605.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,491
Closing costs & prepaids$15,057
Usable credit−$0
Total buyer cash needed$82,548
Earnest money paid−$0
Remaining funds due$82,548
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)$376.75
Prepaid interest, first (2 days)$46.51
Prepaid interest, second (2 days)$178.78
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 4.600%
Interest already paid$74,304Through Nov 2026
Assumption only · ends Nov 2048$133,734
Assumption + second · ends Nov 2048, second Dec 2056$798,528
New conventional · ends Dec 2056$918,295