Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,074/mo
Lowest payment- Down payment
- $228,713
- Funds due
- $238,749
- Interest + MI left
- $63,737
- First ends
- Sep 2046
Assumption
Assumption + second
$2,490/mo
+$1,416/mo- Down payment
- $35,713
- Funds due
- $47,042
- Interest + MI left
- $380,557
- First ends
- Sep 2046
New loan
New conventional
$2,489/mo
+$1,415/mo- Down payment
- $35,713
- Funds due
- $43,645
- Interest + MI left
- $476,575
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $121,287 | $121,287 | $314,287 |
| Second mortgage | — | $193,000 | — |
| First P&I | $712.49 | $712.49 | $2,176.06 |
| Second P&I | — | $1,416.17 | — |
| Mortgage insurance | $111.28 | $111.28 | $62.86 |
| Taxes, insurance & HOA | $250.00 | $250.00 | $250.00 |
| Total housing payment | $1,073.77 | $2,489.94 | $2,488.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,713
Closing costs & prepaids$11,329
Usable credit−$0
Total buyer cash needed$47,042
Earnest money paid−$0
Remaining funds due$47,042
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$300.00
Prepaid interest, first (1 days)$11.90
Prepaid interest, second (1 days)$42.30
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 3.580%
Interest already paid$51,110Through Nov 2026
Assumption only · ends Sep 2046$63,737
Assumption + second · ends Sep 2046, second Dec 2056$380,557
New conventional · ends Dec 2056$476,575