Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,748/mo
Lowest payment- Down payment
- $228,559
- Funds due
- $240,005
- Interest + MI left
- $102,330
- First ends
- Nov 2046
Assumption
Assumption + second
$3,105/mo
+$1,357/mo- Down payment
- $43,559
- Funds due
- $56,620
- Interest + MI left
- $406,018
- First ends
- Nov 2046
New loan
New conventional
$3,092/mo
+$1,344/mo- Down payment
- $43,559
- Funds due
- $53,282
- Interest + MI left
- $563,501
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,441 | $200,441 | $385,441 |
| Second mortgage | — | $185,000 | — |
| First P&I | $1,159.67 | $1,159.67 | $2,611.11 |
| Second P&I | — | $1,357.46 | — |
| Mortgage insurance | $184.30 | $184.30 | $77.09 |
| Taxes, insurance & HOA | $403.58 | $403.58 | $403.58 |
| Total housing payment | $1,747.56 | $3,105.02 | $3,091.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,559
Closing costs & prepaids$13,061
Usable credit−$0
Total buyer cash needed$56,620
Earnest money paid−$0
Remaining funds due$56,620
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,290.00
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)$514.75
Initial HOA (3 months)$246.00
Prepaid interest, first (9 days)$170.02
Prepaid interest, second (9 days)$364.93
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 11 moOf the original 30-year loan at 3.44%
Interest already paid$80,571Through Dec 2026
Assumption only · ends Nov 2046$102,330
Assumption + second · ends Nov 2046, second Jan 2057$406,018
New conventional · ends Jan 2057$563,501