Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,336/mo
Lowest payment- Down payment
- $223,695
- Funds due
- $234,496
- Interest + MI left
- $60,722
- First ends
- May 2046
Assumption
Assumption + second
$2,723/mo
+$1,387/mo- Down payment
- $34,695
- Funds due
- $46,829
- Interest + MI left
- $370,975
- First ends
- May 2046
New loan
New conventional
$2,709/mo
+$1,373/mo- Down payment
- $34,695
- Funds due
- $43,450
- Interest + MI left
- $462,955
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $116,305 | $116,305 | $305,305 |
| Second mortgage | — | $189,000 | — |
| First P&I | $693.65 | $693.65 | $2,113.87 |
| Second P&I | — | $1,386.82 | — |
| Mortgage insurance | $107.80 | $107.80 | $61.06 |
| Taxes, insurance & HOA | $534.33 | $534.33 | $534.33 |
| Total housing payment | $1,335.78 | $2,722.60 | $2,709.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,695
Closing costs & prepaids$12,134
Usable credit−$0
Total buyer cash needed$46,829
Earnest money paid−$0
Remaining funds due$46,829
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$1,115.50
Initial HOA (3 months)$37.50
Prepaid interest, first (2 days)$23.07
Prepaid interest, second (2 days)$82.85
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 6 moOf the original 30-year loan at 3.620%
Interest already paid$51,512Through Nov 2026
Assumption only · ends May 2046$60,722
Assumption + second · ends May 2046, second Dec 2056$370,975
New conventional · ends Dec 2056$462,955