Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,822/mo
Lowest payment- Down payment
- $226,156
- Funds due
- $237,654
- Interest + MI left
- $102,481
- First ends
- Oct 2046
Assumption
Assumption + second
$3,165/mo
+$1,343/mo- Down payment
- $43,156
- Funds due
- $55,944
- Interest + MI left
- $402,885
- First ends
- Oct 2046
New loan
New conventional
$3,205/mo
+$1,383/mo- Down payment
- $43,156
- Funds due
- $52,481
- Interest + MI left
- $579,016
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $198,844 | $198,844 | $381,844 |
| Second mortgage | — | $183,000 | — |
| First P&I | $1,154.51 | $1,154.51 | $2,643.81 |
| Second P&I | — | $1,342.79 | — |
| Mortgage insurance | $182.57 | $182.57 | $76.37 |
| Taxes, insurance & HOA | $484.83 | $484.83 | $484.83 |
| Total housing payment | $1,821.91 | $3,164.70 | $3,205.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,156
Closing costs & prepaids$12,789
Usable credit−$0
Total buyer cash needed$55,944
Earnest money paid−$0
Remaining funds due$55,944
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$818.25
Initial HOA (3 months)$186.24
Prepaid interest, first (1 days)$18.96
Prepaid interest, second (1 days)$40.11
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 11 moOf the original 30-year loan at 3.480%
Interest already paid$80,796Through Nov 2026
Assumption only · ends Oct 2046$102,481
Assumption + second · ends Oct 2046, second Dec 2056$402,885
New conventional · ends Dec 2056$579,016