Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,631/mo
Lowest payment- Down payment
- $460,846
- Funds due
- $474,536
- Interest + MI left
- $108,532
- First ends
- Nov 2047
Assumption
Assumption + second
$4,468/mo
+$2,837/mo- Down payment
- $64,846
- Funds due
- $79,955
- Interest + MI left
- $733,850
- First ends
- Nov 2047
New loan
New conventional
$4,523/mo
+$2,892/mo- Down payment
- $64,846
- Funds due
- $76,282
- Interest + MI left
- $872,145
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,154 | $179,154 | $575,154 |
| Second mortgage | — | $396,000 | — |
| First P&I | $1,049.10 | $1,049.10 | $3,982.25 |
| Second P&I | — | $2,836.99 | — |
| Mortgage insurance | $156.22 | $156.22 | $115.03 |
| Taxes, insurance & HOA | $425.33 | $425.33 | $425.33 |
| Total housing payment | $1,630.64 | $4,467.64 | $4,522.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,846
Closing costs & prepaids$15,108
Usable credit−$0
Total buyer cash needed$79,955
Earnest money paid−$0
Remaining funds due$79,955
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,400.00
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)$517.00
Initial HOA (3 months)$258.99
Prepaid interest, first (2 days)$38.97
Prepaid interest, second (2 days)$168.16
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 closing21 yrOf the original 30-year loan at 3.970%
Interest already paid$71,913Through Nov 2026
Assumption only · ends Nov 2047$108,532
Assumption + second · ends Nov 2047, second Dec 2056$733,850
New conventional · ends Dec 2056$872,145