Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,791/mo
Lowest payment- Down payment
- $266,579
- Funds due
- $279,043
- Interest + MI left
- $69,284
- First ends
- Jul 2046
Assumption
Assumption + second
$3,417/mo
+$1,626/mo- Down payment
- $39,579
- Funds due
- $53,389
- Interest + MI left
- $427,736
- First ends
- Jul 2046
New loan
New conventional
$3,436/mo
+$1,645/mo- Down payment
- $39,579
- Funds due
- $49,965
- Interest + MI left
- $539,020
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $128,421 | $128,421 | $355,421 |
| Second mortgage | — | $227,000 | — |
| First P&I | $768.74 | $768.74 | $2,460.86 |
| Second P&I | — | $1,626.26 | — |
| Mortgage insurance | $117.87 | $117.87 | $71.08 |
| Taxes, insurance & HOA | $904.17 | $904.17 | $904.17 |
| Total housing payment | $1,790.77 | $3,417.03 | $3,436.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,579
Closing costs & prepaids$13,810
Usable credit−$0
Total buyer cash needed$53,389
Earnest money paid−$0
Remaining funds due$53,389
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$987.50
Initial HOA (3 months)$1,275.00
Prepaid interest, first (2 days)$26.25
Prepaid interest, second (2 days)$96.40
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 8 moOf the original 30-year loan at 3.730%
Interest already paid$57,344Through Nov 2026
Assumption only · ends Jul 2046$69,284
Assumption + second · ends Jul 2046, second Dec 2056$427,736
New conventional · ends Dec 2056$539,020