Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,725/mo
Lowest payment- Down payment
- $322,435
- Funds due
- $334,862
- Interest + MI left
- $104,316
- First ends
- Mar 2046
Assumption
Assumption + second
$3,666/mo
+$1,941/mo- Down payment
- $51,435
- Funds due
- $65,630
- Interest + MI left
- $532,248
- First ends
- Mar 2046
New loan
New conventional
$3,588/mo
+$1,863/mo- Down payment
- $51,435
- Funds due
- $62,176
- Interest + MI left
- $670,498
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,565 | $187,565 | $458,565 |
| Second mortgage | — | $271,000 | — |
| First P&I | $1,161.67 | $1,161.67 | $3,106.48 |
| Second P&I | — | $1,941.48 | — |
| Mortgage insurance | $173.19 | $173.19 | $91.71 |
| Taxes, insurance & HOA | $389.67 | $389.67 | $389.67 |
| Total housing payment | $1,724.53 | $3,666.01 | $3,587.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,435
Closing costs & prepaids$14,195
Usable credit−$0
Total buyer cash needed$65,630
Earnest money paid−$0
Remaining funds due$65,630
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,100.00
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)$612.00
Initial HOA (3 months)$57.00
Prepaid interest, first (9 days)$183.15
Prepaid interest, second (9 days)$517.87
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 3.96%
Interest already paid$92,916Through Dec 2026
Assumption only · ends Mar 2046$104,316
Assumption + second · ends Mar 2046, second Jan 2057$532,248
New conventional · ends Jan 2057$670,498