Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,761/mo
Lowest payment- Down payment
- $227,976
- Funds due
- $239,312
- Interest + MI left
- $103,025
- First ends
- Nov 2046
Assumption
Assumption + second
$3,119/mo
+$1,357/mo- Down payment
- $42,976
- Funds due
- $55,603
- Interest + MI left
- $406,712
- First ends
- Nov 2046
New loan
New conventional
$3,167/mo
+$1,406/mo- Down payment
- $42,976
- Funds due
- $52,142
- Interest + MI left
- $585,431
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,024 | $201,024 | $386,024 |
| Second mortgage | — | $185,000 | — |
| First P&I | $1,159.67 | $1,159.67 | $2,672.75 |
| Second P&I | — | $1,357.46 | — |
| Mortgage insurance | $184.30 | $184.30 | $77.20 |
| Taxes, insurance & HOA | $417.50 | $417.50 | $417.50 |
| Total housing payment | $1,761.47 | $3,118.94 | $3,167.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,976
Closing costs & prepaids$12,627
Usable credit−$0
Total buyer cash needed$55,603
Earnest money paid−$0
Remaining funds due$55,603
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,290.00
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)$556.50
Initial HOA (3 months)$246.00
Prepaid interest, first (1 days)$18.95
Prepaid interest, second (1 days)$40.55
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 yrOf the original 30-year loan at 3.440%
Interest already paid$79,995Through Nov 2026
Assumption only · ends Nov 2046$103,025
Assumption + second · ends Nov 2046, second Dec 2056$406,712
New conventional · ends Dec 2056$585,431