Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,927/mo
Lowest payment- Down payment
- $336,273
- Funds due
- $349,421
- Interest + MI left
- $99,084
- First ends
- Jul 2046
Assumption
Assumption + second
$3,954/mo
+$2,027/mo- Down payment
- $53,273
- Funds due
- $67,731
- Interest + MI left
- $545,965
- First ends
- Jul 2046
New loan
New conventional
$3,995/mo
+$2,068/mo- Down payment
- $53,273
- Funds due
- $64,165
- Interest + MI left
- $715,311
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $188,727 | $188,727 | $471,727 |
| Second mortgage | — | $283,000 | — |
| First P&I | $1,118.03 | $1,118.03 | $3,266.14 |
| Second P&I | — | $2,027.45 | — |
| Mortgage insurance | $173.97 | $173.97 | $94.35 |
| Taxes, insurance & HOA | $634.75 | $634.75 | $634.75 |
| Total housing payment | $1,926.75 | $3,954.20 | $3,995.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,273
Closing costs & prepaids$14,458
Usable credit−$0
Total buyer cash needed$67,731
Earnest money paid−$0
Remaining funds due$67,731
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$975.25
Initial HOA (3 months)$429.00
Prepaid interest, first (1 days)$18.67
Prepaid interest, second (1 days)$60.09
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$81,753Through Nov 2026
Assumption only · ends Jul 2046$99,084
Assumption + second · ends Jul 2046, second Dec 2056$545,965
New conventional · ends Dec 2056$715,311