Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,543/mo
Lowest payment- Down payment
- $312,909
- Funds due
- $327,332
- Interest + MI left
- $116,620
- First ends
- Apr 2046
Assumption
Assumption + second
$4,405/mo
+$1,863/mo- Down payment
- $52,909
- Funds due
- $68,693
- Interest + MI left
- $527,182
- First ends
- Apr 2046
New loan
New conventional
$4,414/mo
+$1,872/mo- Down payment
- $52,909
- Funds due
- $65,150
- Interest + MI left
- $715,958
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,091 | $212,091 | $472,091 |
| Second mortgage | — | $260,000 | — |
| First P&I | $1,296.09 | $1,296.09 | $3,268.66 |
| Second P&I | — | $1,862.67 | — |
| Mortgage insurance | $195.35 | $195.35 | $94.42 |
| Taxes, insurance & HOA | $1,051.08 | $1,051.08 | $1,051.08 |
| Total housing payment | $2,542.53 | $4,405.20 | $4,414.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,909
Closing costs & prepaids$15,784
Usable credit−$0
Total buyer cash needed$68,693
Earnest money paid−$0
Remaining funds due$68,693
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$2,008.25
Initial HOA (3 months)$645.00
Prepaid interest, first (2 days)$44.97
Prepaid interest, second (2 days)$110.41
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 5 moOf the original 30-year loan at 3.870%
Interest already paid$100,902Through Nov 2026
Assumption only · ends Apr 2046$116,620
Assumption + second · ends Apr 2046, second Dec 2056$527,182
New conventional · ends Dec 2056$715,958