Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,304/mo
Lowest payment- Down payment
- $199,252
- Funds due
- $209,479
- Interest + MI left
- $73,309
- First ends
- Apr 2046
Assumption
Assumption + second
$2,522/mo
+$1,218/mo- Down payment
- $33,252
- Funds due
- $44,765
- Interest + MI left
- $345,807
- First ends
- Apr 2046
New loan
New conventional
$2,493/mo
+$1,189/mo- Down payment
- $33,252
- Funds due
- $41,392
- Interest + MI left
- $450,038
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $130,748 | $130,748 | $296,748 |
| Second mortgage | — | $166,000 | — |
| First P&I | $805.14 | $805.14 | $2,054.62 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | $120.04 | $120.04 | $59.35 |
| Taxes, insurance & HOA | $379.17 | $379.17 | $379.17 |
| Total housing payment | $1,304.35 | $2,522.40 | $2,493.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,252
Closing costs & prepaids$11,513
Usable credit−$0
Total buyer cash needed$44,765
Earnest money paid−$0
Remaining funds due$44,765
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$318.50
Initial HOA (3 months)$369.00
Prepaid interest, first (1 days)$14.19
Prepaid interest, second (1 days)$36.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.960%
Interest already paid$63,537Through Nov 2026
Assumption only · ends Apr 2046$73,309
Assumption + second · ends Apr 2046, second Dec 2056$345,807
New conventional · ends Dec 2056$450,038