Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,070/mo
Lowest payment- Down payment
- $201,513
- Funds due
- $211,402
- Interest + MI left
- $54,497
- First ends
- Jan 2046
Assumption
Assumption + second
$2,325/mo
+$1,255/mo- Down payment
- $30,513
- Funds due
- $41,689
- Interest + MI left
- $335,203
- First ends
- Jan 2046
New loan
New conventional
$2,287/mo
+$1,217/mo- Down payment
- $30,513
- Funds due
- $38,340
- Interest + MI left
- $408,490
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $98,387 | $98,387 | $269,387 |
| Second mortgage | — | $171,000 | — |
| First P&I | $611.12 | $611.12 | $1,865.18 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | $91.11 | $91.11 | $53.88 |
| Taxes, insurance & HOA | $368.00 | $368.00 | $368.00 |
| Total housing payment | $1,070.23 | $2,324.97 | $2,287.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,513
Closing costs & prepaids$11,176
Usable credit−$0
Total buyer cash needed$41,689
Earnest money paid−$0
Remaining funds due$41,689
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$240.00
Initial HOA (3 months)$414.00
Prepaid interest, first (1 days)$10.67
Prepaid interest, second (1 days)$37.48
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 2 moOf the original 30-year loan at 3.960%
Interest already paid$49,206Through Nov 2026
Assumption only · ends Jan 2046$54,497
Assumption + second · ends Jan 2046, second Dec 2056$335,203
New conventional · ends Dec 2056$408,490