Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,684/mo
Lowest payment- Down payment
- $316,415
- Funds due
- $328,701
- Interest + MI left
- $95,860
- First ends
- Jul 2046
Assumption
Assumption + second
$3,590/mo
+$1,906/mo- Down payment
- $50,415
- Funds due
- $64,007
- Interest + MI left
- $515,896
- First ends
- Jul 2046
New loan
New conventional
$3,630/mo
+$1,946/mo- Down payment
- $50,415
- Funds due
- $60,469
- Interest + MI left
- $680,220
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,585 | $182,585 | $448,585 |
| Second mortgage | — | $266,000 | — |
| First P&I | $1,081.65 | $1,081.65 | $3,105.91 |
| Second P&I | — | $1,905.66 | — |
| Mortgage insurance | $168.31 | $168.31 | $89.72 |
| Taxes, insurance & HOA | $434.17 | $434.17 | $434.17 |
| Total housing payment | $1,684.12 | $3,589.78 | $3,629.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,415
Closing costs & prepaids$13,592
Usable credit−$0
Total buyer cash needed$64,007
Earnest money paid−$0
Remaining funds due$64,007
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$508.50
Initial HOA (3 months)$294.00
Prepaid interest, first (1 days)$18.06
Prepaid interest, second (1 days)$56.48
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$79,093Through Nov 2026
Assumption only · ends Jul 2046$95,860
Assumption + second · ends Jul 2046, second Dec 2056$515,896
New conventional · ends Dec 2056$680,220