Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$871/mo
Lowest payment- Down payment
- $272,704
- Funds due
- $283,009
- Interest + MI left
- $42,797
- First ends
- May 2046
Assumption
Assumption + second
$2,569/mo
+$1,698/mo- Down payment
- $35,704
- Funds due
- $47,712
- Interest + MI left
- $417,040
- First ends
- May 2046
New loan
New conventional
$2,529/mo
+$1,658/mo- Down payment
- $35,704
- Funds due
- $44,343
- Interest + MI left
- $466,864
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $82,296 | $82,296 | $319,296 |
| Second mortgage | — | $237,000 | — |
| First P&I | $492.26 | $492.26 | $2,163.02 |
| Second P&I | — | $1,697.90 | — |
| Mortgage insurance | $76.50 | $76.50 | $63.86 |
| Taxes, insurance & HOA | $302.00 | $302.00 | $302.00 |
| Total housing payment | $870.77 | $2,568.67 | $2,528.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,704
Closing costs & prepaids$12,007
Usable credit−$0
Total buyer cash needed$47,712
Earnest money paid−$0
Remaining funds due$47,712
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$426.00
Initial HOA (3 months)$30.00
Prepaid interest, first (9 days)$73.46
Prepaid interest, second (9 days)$452.90
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 5 moOf the original 30-year loan at 3.62%
Interest already paid$36,806Through Dec 2026
Assumption only · ends May 2046$42,797
Assumption + second · ends May 2046, second Jan 2057$417,040
New conventional · ends Jan 2057$466,864