Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$786/mo
Lowest payment- Down payment
- $272,461
- Funds due
- $282,446
- Interest + MI left
- $43,093
- First ends
- May 2046
Assumption
Assumption + second
$2,477/mo
+$1,691/mo- Down payment
- $36,461
- Funds due
- $47,746
- Interest + MI left
- $415,757
- First ends
- May 2046
New loan
New conventional
$2,486/mo
+$1,700/mo- Down payment
- $36,461
- Funds due
- $44,337
- Interest + MI left
- $482,958
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $82,539 | $82,539 | $318,539 |
| Second mortgage | — | $236,000 | — |
| First P&I | $492.26 | $492.26 | $2,205.50 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | $76.50 | $76.50 | $63.71 |
| Taxes, insurance & HOA | $217.08 | $217.08 | $217.08 |
| Total housing payment | $785.85 | $2,476.58 | $2,486.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,461
Closing costs & prepaids$11,285
Usable credit−$0
Total buyer cash needed$47,746
Earnest money paid−$0
Remaining funds due$47,746
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$171.25
Initial HOA (3 months)$30.00
Prepaid interest, first (1 days)$8.19
Prepaid interest, second (1 days)$50.11
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 6 moOf the original 30-year loan at 3.620%
Interest already paid$36,557Through Nov 2026
Assumption only · ends May 2046$43,093
Assumption + second · ends May 2046, second Dec 2056$415,757
New conventional · ends Dec 2056$482,958