Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,640/mo
Lowest payment- Down payment
- $234,013
- Funds due
- $245,316
- Interest + MI left
- $87,145
- First ends
- Jul 2046
Assumption
Assumption + second
$3,064/mo
+$1,424/mo- Down payment
- $40,013
- Funds due
- $52,609
- Interest + MI left
- $405,606
- First ends
- Jul 2046
New loan
New conventional
$3,068/mo
+$1,428/mo- Down payment
- $40,013
- Funds due
- $49,172
- Interest + MI left
- $545,945
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $165,987 | $165,987 | $359,987 |
| Second mortgage | — | $194,000 | — |
| First P&I | $983.32 | $983.32 | $2,492.48 |
| Second P&I | — | $1,423.50 | — |
| Mortgage insurance | $153.01 | $153.01 | $72.00 |
| Taxes, insurance & HOA | $503.83 | $503.83 | $503.83 |
| Total housing payment | $1,640.16 | $3,063.66 | $3,068.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,013
Closing costs & prepaids$12,595
Usable credit−$0
Total buyer cash needed$52,609
Earnest money paid−$0
Remaining funds due$52,609
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$641.50
Initial HOA (3 months)$420.00
Prepaid interest, first (1 days)$16.42
Prepaid interest, second (1 days)$42.52
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$71,903Through Nov 2026
Assumption only · ends Jul 2046$87,145
Assumption + second · ends Jul 2046, second Dec 2056$405,606
New conventional · ends Dec 2056$545,945