Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,881/mo
Lowest payment- Down payment
- $341,631
- Funds due
- $354,614
- Interest + MI left
- $107,700
- First ends
- Dec 2046
Assumption
Assumption + second
$3,929/mo
+$2,049/mo- Down payment
- $55,631
- Funds due
- $69,985
- Interest + MI left
- $559,318
- First ends
- Dec 2046
New loan
New conventional
$4,011/mo
+$2,131/mo- Down payment
- $55,631
- Funds due
- $66,419
- Interest + MI left
- $749,645
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $208,369 | $208,369 | $494,369 |
| Second mortgage | — | $286,000 | — |
| First P&I | $1,200.71 | $1,200.71 | $3,422.91 |
| Second P&I | — | $2,048.94 | — |
| Mortgage insurance | $190.35 | $190.35 | $98.87 |
| Taxes, insurance & HOA | $489.50 | $489.50 | $489.50 |
| Total housing payment | $1,880.56 | $3,929.50 | $4,011.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,631
Closing costs & prepaids$14,354
Usable credit−$0
Total buyer cash needed$69,985
Earnest money paid−$0
Remaining funds due$69,985
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$605.50
Initial HOA (3 months)$363.00
Prepaid interest, first (2 days)$39.50
Prepaid interest, second (2 days)$121.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing20 yr 1 moOf the original 30-year loan at 3.460%
Interest already paid$82,527Through Nov 2026
Assumption only · ends Dec 2046$107,700
Assumption + second · ends Dec 2046, second Dec 2056$559,318
New conventional · ends Dec 2056$749,645