Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,577/mo
Lowest payment- Down payment
- $301,368
- Funds due
- $313,278
- Interest + MI left
- $91,107
- First ends
- Jul 2046
Assumption
Assumption + second
$3,390/mo
+$1,813/mo- Down payment
- $48,368
- Funds due
- $61,582
- Interest + MI left
- $490,615
- First ends
- Jul 2046
New loan
New conventional
$3,428/mo
+$1,851/mo- Down payment
- $48,368
- Funds due
- $58,063
- Interest + MI left
- $646,779
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,532 | $173,532 | $426,532 |
| Second mortgage | — | $253,000 | — |
| First P&I | $1,028.01 | $1,028.01 | $2,953.22 |
| Second P&I | — | $1,812.52 | — |
| Mortgage insurance | $159.97 | $159.97 | $85.31 |
| Taxes, insurance & HOA | $389.42 | $389.42 | $389.42 |
| Total housing payment | $1,577.40 | $3,389.92 | $3,427.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,368
Closing costs & prepaids$13,213
Usable credit−$0
Total buyer cash needed$61,582
Earnest money paid−$0
Remaining funds due$61,582
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,749.00
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)$491.25
Initial HOA (3 months)$177.00
Prepaid interest, first (1 days)$17.16
Prepaid interest, second (1 days)$53.72
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 8 moOf the original 30-year loan at 3.610%
Interest already paid$75,171Through Nov 2026
Assumption only · ends Jul 2046$91,107
Assumption + second · ends Jul 2046, second Dec 2056$490,615
New conventional · ends Dec 2056$646,779