Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,436/mo
Lowest payment- Down payment
- $234,499
- Funds due
- $245,578
- Interest + MI left
- $68,578
- First ends
- Sep 2046
Assumption
Assumption + second
$2,882/mo
+$1,446/mo- Down payment
- $37,499
- Funds due
- $49,915
- Interest + MI left
- $391,964
- First ends
- Sep 2046
New loan
New conventional
$2,895/mo
+$1,459/mo- Down payment
- $37,499
- Funds due
- $46,512
- Interest + MI left
- $504,178
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $135,491 | $135,491 | $332,491 |
| Second mortgage | — | $197,000 | — |
| First P&I | $784.81 | $784.81 | $2,302.10 |
| Second P&I | — | $1,445.52 | — |
| Mortgage insurance | $125.04 | $125.04 | $66.50 |
| Taxes, insurance & HOA | $526.25 | $526.25 | $526.25 |
| Total housing payment | $1,436.09 | $2,881.61 | $2,894.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,499
Closing costs & prepaids$12,415
Usable credit−$0
Total buyer cash needed$49,915
Earnest money paid−$0
Remaining funds due$49,915
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.90
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)$453.75
Initial HOA (3 months)$675.00
Prepaid interest, first (2 days)$25.39
Prepaid interest, second (2 days)$86.36
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 10 moOf the original 30-year loan at 3.420%
Interest already paid$54,714Through Nov 2026
Assumption only · ends Sep 2046$68,578
Assumption + second · ends Sep 2046, second Dec 2056$391,964
New conventional · ends Dec 2056$504,178