Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,503/mo
Lowest payment- Down payment
- $344,327
- Funds due
- $356,568
- Interest + MI left
- $87,379
- First ends
- Dec 2046
Assumption
Assumption + second
$3,595/mo
+$2,092/mo- Down payment
- $52,327
- Funds due
- $65,880
- Interest + MI left
- $548,472
- First ends
- Dec 2046
New loan
New conventional
$3,663/mo
+$2,160/mo- Down payment
- $52,327
- Funds due
- $62,323
- Interest + MI left
- $701,582
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $170,673 | $170,673 | $462,673 |
| Second mortgage | — | $292,000 | — |
| First P&I | $979.99 | $979.99 | $3,203.45 |
| Second P&I | — | $2,091.92 | — |
| Mortgage insurance | $156.13 | $156.13 | $92.53 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $1,502.79 | $3,594.72 | $3,662.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,327
Closing costs & prepaids$13,553
Usable credit−$0
Total buyer cash needed$65,880
Earnest money paid−$0
Remaining funds due$65,880
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$478.00
Initial HOA (3 months)$122.01
Prepaid interest, first (1 days)$15.99
Prepaid interest, second (1 days)$62.00
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 closing20 yr 1 moOf the original 30-year loan at 3.420%
Interest already paid$66,867Through Nov 2026
Assumption only · ends Dec 2046$87,379
Assumption + second · ends Dec 2046, second Dec 2056$548,472
New conventional · ends Dec 2056$701,582