Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,106/mo
Lowest payment- Down payment
- $446,514
- Funds due
- $458,981
- Interest + MI left
- $65,048
- First ends
- Mar 2046
Assumption
Assumption + second
$3,900/mo
+$2,794/mo- Down payment
- $56,514
- Funds due
- $70,396
- Interest + MI left
- $680,891
- First ends
- Mar 2046
New loan
New conventional
$3,887/mo
+$2,781/mo- Down payment
- $56,514
- Funds due
- $66,796
- Interest + MI left
- $768,120
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $116,486 | $116,486 | $506,486 |
| Second mortgage | — | $390,000 | — |
| First P&I | $719.38 | $719.38 | $3,506.81 |
| Second P&I | — | $2,794.01 | — |
| Mortgage insurance | $107.25 | $107.25 | $101.30 |
| Taxes, insurance & HOA | $278.92 | $278.92 | $278.92 |
| Total housing payment | $1,105.54 | $3,899.55 | $3,887.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,514
Closing costs & prepaids$13,883
Usable credit−$0
Total buyer cash needed$70,396
Earnest money paid−$0
Remaining funds due$70,396
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,630.00
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)$336.75
Prepaid interest, first (2 days)$25.28
Prepaid interest, second (2 days)$165.62
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 closing19 yr 4 moOf the original 30-year loan at 3.960%
Interest already paid$57,155Through Nov 2026
Assumption only · ends Mar 2046$65,048
Assumption + second · ends Mar 2046, second Dec 2056$680,891
New conventional · ends Dec 2056$768,120