Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,938/mo
Lowest payment- Down payment
- $234,819
- Funds due
- $246,518
- Interest + MI left
- $111,785
- First ends
- Mar 2046
Assumption
Assumption + second
$3,339/mo
+$1,401/mo- Down payment
- $43,819
- Funds due
- $56,810
- Interest + MI left
- $425,322
- First ends
- Mar 2046
New loan
New conventional
$3,304/mo
+$1,366/mo- Down payment
- $43,819
- Funds due
- $53,337
- Interest + MI left
- $593,252
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,181 | $200,181 | $391,181 |
| Second mortgage | — | $191,000 | — |
| First P&I | $1,236.24 | $1,236.24 | $2,708.46 |
| Second P&I | — | $1,401.49 | — |
| Mortgage insurance | $184.31 | $184.31 | $78.24 |
| Taxes, insurance & HOA | $517.33 | $517.33 | $517.33 |
| Total housing payment | $1,937.89 | $3,339.38 | $3,304.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,819
Closing costs & prepaids$12,991
Usable credit−$0
Total buyer cash needed$56,810
Earnest money paid−$0
Remaining funds due$56,810
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$943.00
Initial HOA (3 months)$159.00
Prepaid interest, first (1 days)$21.72
Prepaid interest, second (1 days)$41.86
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 4 moOf the original 30-year loan at 3.960%
Interest already paid$98,220Through Nov 2026
Assumption only · ends Mar 2046$111,785
Assumption + second · ends Mar 2046, second Dec 2056$425,322
New conventional · ends Dec 2056$593,252