Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,714/mo
Lowest payment- Down payment
- $316,948
- Funds due
- $329,467
- Interest + MI left
- $95,205
- First ends
- Jul 2046
Assumption
Assumption + second
$3,627/mo
+$1,913/mo- Down payment
- $49,948
- Funds due
- $64,228
- Interest + MI left
- $516,821
- First ends
- Jul 2046
New loan
New conventional
$3,596/mo
+$1,882/mo- Down payment
- $49,948
- Funds due
- $60,801
- Interest + MI left
- $656,588
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,052 | $182,052 | $449,052 |
| Second mortgage | — | $267,000 | — |
| First P&I | $1,081.65 | $1,081.65 | $3,042.03 |
| Second P&I | — | $1,912.82 | — |
| Mortgage insurance | $168.31 | $168.31 | $89.81 |
| Taxes, insurance & HOA | $464.25 | $464.25 | $464.25 |
| Total housing payment | $1,714.21 | $3,627.03 | $3,596.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,948
Closing costs & prepaids$14,280
Usable credit−$0
Total buyer cash needed$64,228
Earnest money paid−$0
Remaining funds due$64,228
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$598.75
Initial HOA (3 months)$294.00
Prepaid interest, first (9 days)$162.05
Prepaid interest, second (9 days)$510.23
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$79,642Through Dec 2026
Assumption only · ends Jul 2046$95,205
Assumption + second · ends Jul 2046, second Jan 2057$516,821
New conventional · ends Jan 2057$656,588