Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,020/mo
Lowest payment- Down payment
- $251,800
- Funds due
- $262,083
- Interest + MI left
- $55,063
- First ends
- Oct 2046
Assumption
Assumption + second
$2,560/mo
+$1,540/mo- Down payment
- $36,800
- Funds due
- $48,425
- Interest + MI left
- $394,566
- First ends
- Oct 2046
New loan
New conventional
$2,596/mo
+$1,576/mo- Down payment
- $36,800
- Funds due
- $45,026
- Interest + MI left
- $489,180
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,600 | $107,600 | $322,600 |
| Second mortgage | — | $215,000 | — |
| First P&I | $623.08 | $623.08 | $2,233.62 |
| Second P&I | — | $1,540.29 | — |
| Mortgage insurance | $98.90 | $98.90 | $64.52 |
| Taxes, insurance & HOA | $298.08 | $298.08 | $298.08 |
| Total housing payment | $1,020.07 | $2,560.35 | $2,596.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,800
Closing costs & prepaids$11,625
Usable credit−$0
Total buyer cash needed$48,425
Earnest money paid−$0
Remaining funds due$48,425
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,594.00
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)$388.00
Initial HOA (3 months)$56.25
Prepaid interest, first (2 days)$20.34
Prepaid interest, second (2 days)$91.30
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 3.450%
Interest already paid$43,369Through Nov 2026
Assumption only · ends Oct 2046$55,063
Assumption + second · ends Oct 2046, second Dec 2056$394,566
New conventional · ends Dec 2056$489,180