Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,428/mo
Lowest payment- Down payment
- $243,118
- Funds due
- $254,140
- Interest + MI left
- $75,250
- First ends
- Sep 2046
Assumption
Assumption + second
$2,889/mo
+$1,461/mo- Down payment
- $39,118
- Funds due
- $51,434
- Interest + MI left
- $397,384
- First ends
- Sep 2046
New loan
New conventional
$2,925/mo
+$1,498/mo- Down payment
- $39,118
- Funds due
- $48,005
- Interest + MI left
- $524,484
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $141,882 | $141,882 | $345,882 |
| Second mortgage | — | $204,000 | — |
| First P&I | $836.40 | $836.40 | $2,394.82 |
| Second P&I | — | $1,461.48 | — |
| Mortgage insurance | $129.99 | $129.99 | $69.18 |
| Taxes, insurance & HOA | $461.17 | $461.17 | $461.17 |
| Total housing payment | $1,427.56 | $2,889.04 | $2,925.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,118
Closing costs & prepaids$12,316
Usable credit−$0
Total buyer cash needed$51,434
Earnest money paid−$0
Remaining funds due$51,434
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$633.50
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$14.07
Prepaid interest, second (1 days)$43.32
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 10 moOf the original 30-year loan at 3.620%
Interest already paid$60,409Through Nov 2026
Assumption only · ends Sep 2046$75,250
Assumption + second · ends Sep 2046, second Dec 2056$397,384
New conventional · ends Dec 2056$524,484