Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,507/mo
Lowest payment- Down payment
- $202,783
- Funds due
- $213,385
- Interest + MI left
- $86,389
- First ends
- Jun 2046
Assumption
Assumption + second
$2,725/mo
+$1,218/mo- Down payment
- $36,783
- Funds due
- $48,672
- Interest + MI left
- $358,887
- First ends
- Jun 2046
New loan
New conventional
$2,725/mo
+$1,218/mo- Down payment
- $36,783
- Funds due
- $45,267
- Interest + MI left
- $497,763
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $162,217 | $162,217 | $328,217 |
| Second mortgage | — | $166,000 | — |
| First P&I | $970.49 | $970.49 | $2,272.51 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | $149.53 | $149.53 | $65.64 |
| Taxes, insurance & HOA | $386.83 | $386.83 | $386.83 |
| Total housing payment | $1,506.85 | $2,724.90 | $2,724.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,783
Closing costs & prepaids$11,888
Usable credit−$0
Total buyer cash needed$48,672
Earnest money paid−$0
Remaining funds due$48,672
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$575.50
Initial HOA (3 months)$135.00
Prepaid interest, first (1 days)$16.40
Prepaid interest, second (1 days)$36.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.690%
Interest already paid$72,422Through Nov 2026
Assumption only · ends Jun 2046$86,389
Assumption + second · ends Jun 2046, second Dec 2056$358,887
New conventional · ends Dec 2056$497,763