Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,887/mo
Lowest payment- Down payment
- $234,902
- Funds due
- $246,525
- Interest + MI left
- $109,666
- First ends
- Jun 2046
Assumption
Assumption + second
$3,281/mo
+$1,394/mo- Down payment
- $44,902
- Funds due
- $57,859
- Interest + MI left
- $421,561
- First ends
- Jun 2046
New loan
New conventional
$3,283/mo
+$1,397/mo- Down payment
- $44,902
- Funds due
- $54,395
- Interest + MI left
- $598,962
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,998 | $204,998 | $394,998 |
| Second mortgage | — | $190,000 | — |
| First P&I | $1,228.55 | $1,228.55 | $2,734.89 |
| Second P&I | — | $1,394.15 | — |
| Mortgage insurance | $188.83 | $188.83 | $79.00 |
| Taxes, insurance & HOA | $469.25 | $469.25 | $469.25 |
| Total housing payment | $1,886.63 | $3,280.79 | $3,283.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,902
Closing costs & prepaids$12,957
Usable credit−$0
Total buyer cash needed$57,859
Earnest money paid−$0
Remaining funds due$57,859
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,399.00
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)$957.75
Prepaid interest, first (2 days)$41.67
Prepaid interest, second (2 days)$83.29
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 7 moOf the original 30-year loan at 3.710%
Interest already paid$91,982Through Nov 2026
Assumption only · ends Jun 2046$109,666
Assumption + second · ends Jun 2046, second Dec 2056$421,561
New conventional · ends Dec 2056$598,962