Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,586/mo
Lowest payment- Down payment
- $234,497
- Funds due
- $245,770
- Interest + MI left
- $86,550
- First ends
- Jul 2046
Assumption
Assumption + second
$3,010/mo
+$1,424/mo- Down payment
- $40,497
- Funds due
- $53,402
- Interest + MI left
- $405,011
- First ends
- Jul 2046
New loan
New conventional
$2,957/mo
+$1,371/mo- Down payment
- $40,497
- Funds due
- $50,053
- Interest + MI left
- $525,653
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $165,503 | $165,503 | $359,503 |
| Second mortgage | — | $194,000 | — |
| First P&I | $983.32 | $983.32 | $2,435.40 |
| Second P&I | — | $1,423.50 | — |
| Mortgage insurance | $153.01 | $153.01 | $71.90 |
| Taxes, insurance & HOA | $450.00 | $450.00 | $450.00 |
| Total housing payment | $1,586.33 | $3,009.83 | $2,957.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,497
Closing costs & prepaids$12,905
Usable credit−$0
Total buyer cash needed$53,402
Earnest money paid−$0
Remaining funds due$53,402
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Initial HOA (3 months)$420.00
Prepaid interest, first (9 days)$147.32
Prepaid interest, second (9 days)$382.68
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 7 moOf the original 30-year loan at 3.61%
Interest already paid$72,402Through Dec 2026
Assumption only · ends Jul 2046$86,550
Assumption + second · ends Jul 2046, second Jan 2057$405,011
New conventional · ends Jan 2057$525,653