Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,416/mo
Lowest payment- Down payment
- $211,267
- Funds due
- $222,651
- Interest + MI left
- $39,473
- First ends
- Dec 2046
Assumption
Assumption + second
$2,752/mo
+$1,335/mo- Down payment
- $29,267
- Funds due
- $41,980
- Interest + MI left
- $338,236
- First ends
- Dec 2046
New loan
New conventional
$2,748/mo
+$1,332/mo- Down payment
- $29,267
- Funds due
- $38,649
- Interest + MI left
- $392,334
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $76,733 | $76,733 | $258,733 |
| Second mortgage | — | $182,000 | — |
| First P&I | $441.38 | $441.38 | $1,791.42 |
| Second P&I | — | $1,335.45 | — |
| Mortgage insurance | $70.15 | $70.15 | $51.75 |
| Taxes, insurance & HOA | $904.83 | $904.83 | $904.83 |
| Total housing payment | $1,416.36 | $2,751.82 | $2,747.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,267
Closing costs & prepaids$12,714
Usable credit−$0
Total buyer cash needed$41,980
Earnest money paid−$0
Remaining funds due$41,980
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,880.00
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)$2,264.50
Prepaid interest, first (2 days)$14.46
Prepaid interest, second (2 days)$79.78
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 closing20 yr 1 moOf the original 30-year loan at 3.440%
Interest already paid$30,227Through Nov 2026
Assumption only · ends Dec 2046$39,473
Assumption + second · ends Dec 2046, second Dec 2056$338,236
New conventional · ends Dec 2056$392,334