Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,287/mo
Lowest payment- Down payment
- $247,291
- Funds due
- $258,093
- Interest + MI left
- $67,852
- First ends
- Nov 2046
Assumption
Assumption + second
$2,785/mo
+$1,497/mo- Down payment
- $38,291
- Funds due
- $50,431
- Interest + MI left
- $397,880
- First ends
- Nov 2046
New loan
New conventional
$2,835/mo
+$1,548/mo- Down payment
- $38,291
- Funds due
- $47,024
- Interest + MI left
- $518,225
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $132,709 | $132,709 | $341,709 |
| Second mortgage | — | $209,000 | — |
| First P&I | $764.89 | $764.89 | $2,365.92 |
| Second P&I | — | $1,497.30 | — |
| Mortgage insurance | $121.71 | $121.71 | $68.34 |
| Taxes, insurance & HOA | $400.67 | $400.67 | $400.67 |
| Total housing payment | $1,287.27 | $2,784.58 | $2,834.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,291
Closing costs & prepaids$12,141
Usable credit−$0
Total buyer cash needed$50,431
Earnest money paid−$0
Remaining funds due$50,431
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$666.50
Initial HOA (3 months)$85.50
Prepaid interest, first (2 days)$24.94
Prepaid interest, second (2 days)$88.75
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 closing20 yrOf the original 30-year loan at 3.430%
Interest already paid$52,667Through Nov 2026
Assumption only · ends Nov 2046$67,852
Assumption + second · ends Nov 2046, second Dec 2056$397,880
New conventional · ends Dec 2056$518,225