Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,899/mo
Lowest payment- Down payment
- $342,231
- Funds due
- $355,406
- Interest + MI left
- $106,989
- First ends
- Dec 2046
Assumption
Assumption + second
$3,955/mo
+$2,056/mo- Down payment
- $55,231
- Funds due
- $70,204
- Interest + MI left
- $560,186
- First ends
- Dec 2046
New loan
New conventional
$3,958/mo
+$2,060/mo- Down payment
- $55,231
- Funds due
- $66,753
- Interest + MI left
- $723,434
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,769 | $207,769 | $494,769 |
| Second mortgage | — | $287,000 | — |
| First P&I | $1,200.71 | $1,200.71 | $3,351.74 |
| Second P&I | — | $2,056.10 | — |
| Mortgage insurance | $190.35 | $190.35 | $98.95 |
| Taxes, insurance & HOA | $507.67 | $507.67 | $507.67 |
| Total housing payment | $1,898.73 | $3,954.83 | $3,958.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,231
Closing costs & prepaids$14,974
Usable credit−$0
Total buyer cash needed$70,204
Earnest money paid−$0
Remaining funds due$70,204
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$660.00
Initial HOA (3 months)$363.00
Prepaid interest, first (9 days)$177.26
Prepaid interest, second (9 days)$548.45
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 closing20 yrOf the original 30-year loan at 3.46%
Interest already paid$83,128Through Dec 2026
Assumption only · ends Dec 2046$106,989
Assumption + second · ends Dec 2046, second Jan 2057$560,186
New conventional · ends Jan 2057$723,434