Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,369/mo
Lowest payment- Down payment
- $239,981
- Funds due
- $250,598
- Interest + MI left
- $85,407
- First ends
- Jul 2046
Assumption
Assumption + second
$2,802/mo
+$1,433/mo- Down payment
- $39,981
- Funds due
- $51,933
- Interest + MI left
- $401,224
- First ends
- Jul 2046
New loan
New conventional
$2,831/mo
+$1,461/mo- Down payment
- $39,981
- Funds due
- $48,511
- Interest + MI left
- $544,476
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $159,019 | $159,019 | $359,019 |
| Second mortgage | — | $200,000 | — |
| First P&I | $950.25 | $950.25 | $2,485.78 |
| Second P&I | — | $1,432.82 | — |
| Mortgage insurance | $146.06 | $146.06 | $71.80 |
| Taxes, insurance & HOA | $273.17 | $273.17 | $273.17 |
| Total housing payment | $1,369.47 | $2,802.30 | $2,830.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,981
Closing costs & prepaids$11,952
Usable credit−$0
Total buyer cash needed$51,933
Earnest money paid−$0
Remaining funds due$51,933
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$369.50
Prepaid interest, first (2 days)$32.33
Prepaid interest, second (2 days)$84.93
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 closing19 yr 8 moOf the original 30-year loan at 3.710%
Interest already paid$70,654Through Nov 2026
Assumption only · ends Jul 2046$85,407
Assumption + second · ends Jul 2046, second Dec 2056$401,224
New conventional · ends Dec 2056$544,476