Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,432/mo
Lowest payment- Down payment
- $233,208
- Funds due
- $244,347
- Interest + MI left
- $68,113
- First ends
- Sep 2046
Assumption
Assumption + second
$2,870/mo
+$1,438/mo- Down payment
- $37,208
- Funds due
- $49,983
- Interest + MI left
- $389,857
- First ends
- Sep 2046
New loan
New conventional
$2,831/mo
+$1,399/mo- Down payment
- $37,208
- Funds due
- $46,647
- Interest + MI left
- $484,111
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $135,092 | $135,092 | $331,092 |
| Second mortgage | — | $196,000 | — |
| First P&I | $784.81 | $784.81 | $2,242.93 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | $125.04 | $125.04 | $66.22 |
| Taxes, insurance & HOA | $522.33 | $522.33 | $522.33 |
| Total housing payment | $1,432.18 | $2,870.35 | $2,831.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,208
Closing costs & prepaids$12,776
Usable credit−$0
Total buyer cash needed$49,983
Earnest money paid−$0
Remaining funds due$49,983
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,683.00
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)$442.00
Initial HOA (3 months)$675.00
Prepaid interest, first (9 days)$113.92
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 9 moOf the original 30-year loan at 3.42%
Interest already paid$55,100Through Dec 2026
Assumption only · ends Sep 2046$68,113
Assumption + second · ends Sep 2046, second Jan 2057$389,857
New conventional · ends Jan 2057$484,111