Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,511/mo
Lowest payment- Down payment
- $223,359
- Funds due
- $234,203
- Interest + MI left
- $87,207
- First ends
- Jul 2046
Assumption
Assumption + second
$2,862/mo
+$1,350/mo- Down payment
- $39,359
- Funds due
- $51,534
- Interest + MI left
- $389,252
- First ends
- Jul 2046
New loan
New conventional
$2,858/mo
+$1,346/mo- Down payment
- $39,359
- Funds due
- $48,117
- Interest + MI left
- $524,119
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,641 | $161,641 | $345,641 |
| Second mortgage | — | $184,000 | — |
| First P&I | $967.60 | $967.60 | $2,393.15 |
| Second P&I | — | $1,350.13 | — |
| Mortgage insurance | $148.36 | $148.36 | $69.13 |
| Taxes, insurance & HOA | $395.50 | $395.50 | $395.50 |
| Total housing payment | $1,511.45 | $2,861.58 | $2,857.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,359
Closing costs & prepaids$12,175
Usable credit−$0
Total buyer cash needed$51,534
Earnest money paid−$0
Remaining funds due$51,534
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$364.50
Initial HOA (3 months)$372.00
Prepaid interest, first (2 days)$33.04
Prepaid interest, second (2 days)$80.66
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 3.730%
Interest already paid$72,178Through Nov 2026
Assumption only · ends Jul 2046$87,207
Assumption + second · ends Jul 2046, second Dec 2056$389,252
New conventional · ends Dec 2056$524,119