Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,862/mo
Lowest payment- Down payment
- $287,676
- Funds due
- $299,914
- Interest + MI left
- $111,603
- First ends
- Aug 2046
Assumption
Assumption + second
$3,560/mo
+$1,698/mo- Down payment
- $50,676
- Funds due
- $64,215
- Interest + MI left
- $485,845
- First ends
- Aug 2046
New loan
New conventional
$3,615/mo
+$1,753/mo- Down payment
- $50,676
- Funds due
- $60,678
- Interest + MI left
- $681,189
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,224 | $212,224 | $449,224 |
| Second mortgage | — | $237,000 | — |
| First P&I | $1,252.49 | $1,252.49 | $3,110.34 |
| Second P&I | — | $1,697.90 | — |
| Mortgage insurance | $195.14 | $195.14 | $89.84 |
| Taxes, insurance & HOA | $414.58 | $414.58 | $414.58 |
| Total housing payment | $1,862.21 | $3,560.11 | $3,614.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,676
Closing costs & prepaids$13,539
Usable credit−$0
Total buyer cash needed$64,215
Earnest money paid−$0
Remaining funds due$64,215
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$584.75
Initial HOA (3 months)$159.00
Prepaid interest, first (1 days)$20.93
Prepaid interest, second (1 days)$50.32
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 9 moOf the original 30-year loan at 3.600%
Interest already paid$90,793Through Nov 2026
Assumption only · ends Aug 2046$111,603
Assumption + second · ends Aug 2046, second Dec 2056$485,845
New conventional · ends Dec 2056$681,189