Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,132/mo
Lowest payment- Down payment
- $228,195
- Funds due
- $238,770
- Interest + MI left
- $46,217
- First ends
- Mar 2046
Assumption
Assumption + second
$2,571/mo
+$1,438/mo- Down payment
- $32,195
- Funds due
- $44,406
- Interest + MI left
- $367,961
- First ends
- Mar 2046
New loan
New conventional
$2,495/mo
+$1,363/mo- Down payment
- $32,195
- Funds due
- $41,068
- Interest + MI left
- $413,451
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $86,805 | $86,805 | $282,805 |
| Second mortgage | — | $196,000 | — |
| First P&I | $528.60 | $528.60 | $1,915.82 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | $80.75 | $80.75 | $56.56 |
| Taxes, insurance & HOA | $523.00 | $523.00 | $523.00 |
| Total housing payment | $1,132.35 | $2,570.53 | $2,495.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,195
Closing costs & prepaids$12,211
Usable credit−$0
Total buyer cash needed$44,406
Earnest money paid−$0
Remaining funds due$44,406
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$378.00
Initial HOA (3 months)$741.00
Prepaid interest, first (9 days)$80.48
Prepaid interest, second (9 days)$386.63
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 3 moOf the original 30-year loan at 3.76%
Interest already paid$40,994Through Dec 2026
Assumption only · ends Mar 2046$46,217
Assumption + second · ends Mar 2046, second Jan 2057$367,961
New conventional · ends Jan 2057$413,451