Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,120/mo
Lowest payment- Down payment
- $185,312
- Funds due
- $195,357
- Interest + MI left
- $48,800
- First ends
- Oct 2046
Assumption
Assumption + second
$2,272/mo
+$1,152/mo- Down payment
- $28,312
- Funds due
- $39,676
- Interest + MI left
- $306,524
- First ends
- Oct 2046
New loan
New conventional
$2,277/mo
+$1,156/mo- Down payment
- $28,312
- Funds due
- $36,357
- Interest + MI left
- $381,651
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $94,688 | $94,688 | $251,688 |
| Second mortgage | — | $157,000 | — |
| First P&I | $549.77 | $549.77 | $1,742.64 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | $86.94 | $86.94 | $50.34 |
| Taxes, insurance & HOA | $483.75 | $483.75 | $483.75 |
| Total housing payment | $1,120.45 | $2,272.46 | $2,276.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,312
Closing costs & prepaids$11,363
Usable credit−$0
Total buyer cash needed$39,676
Earnest money paid−$0
Remaining funds due$39,676
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$251.25
Initial HOA (3 months)$750.00
Prepaid interest, first (2 days)$18.06
Prepaid interest, second (2 days)$68.82
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 11 moOf the original 30-year loan at 3.480%
Interest already paid$38,474Through Nov 2026
Assumption only · ends Oct 2046$48,800
Assumption + second · ends Oct 2046, second Dec 2056$306,524
New conventional · ends Dec 2056$381,651