Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,014/mo
Lowest payment- Down payment
- $241,903
- Funds due
- $254,132
- Interest + MI left
- $111,636
- First ends
- Jun 2046
Assumption
Assumption + second
$3,452/mo
+$1,438/mo- Down payment
- $45,903
- Funds due
- $59,468
- Interest + MI left
- $433,380
- First ends
- Jun 2046
New loan
New conventional
$3,457/mo
+$1,443/mo- Down payment
- $45,903
- Funds due
- $55,996
- Interest + MI left
- $615,792
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $210,097 | $210,097 | $406,097 |
| Second mortgage | — | $196,000 | — |
| First P&I | $1,255.86 | $1,255.86 | $2,811.73 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | $193.74 | $193.74 | $81.22 |
| Taxes, insurance & HOA | $564.08 | $564.08 | $564.08 |
| Total housing payment | $2,013.68 | $3,451.86 | $3,457.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,903
Closing costs & prepaids$13,566
Usable credit−$0
Total buyer cash needed$59,468
Earnest money paid−$0
Remaining funds due$59,468
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,520.00
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)$1,192.25
Prepaid interest, first (2 days)$42.36
Prepaid interest, second (2 days)$85.92
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 7 moOf the original 30-year loan at 3.680%
Interest already paid$93,563Through Nov 2026
Assumption only · ends Jun 2046$111,636
Assumption + second · ends Jun 2046, second Dec 2056$433,380
New conventional · ends Dec 2056$615,792