Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,477/mo
Lowest payment- Down payment
- $246,962
- Funds due
- $258,220
- Interest + MI left
- $72,181
- First ends
- May 2046
Assumption
Assumption + second
$2,974/mo
+$1,497/mo- Down payment
- $37,962
- Funds due
- $50,514
- Interest + MI left
- $402,209
- First ends
- May 2046
New loan
New conventional
$2,974/mo
+$1,497/mo- Down payment
- $37,962
- Funds due
- $47,095
- Interest + MI left
- $510,922
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $127,938 | $127,938 | $336,938 |
| Second mortgage | — | $209,000 | — |
| First P&I | $786.27 | $786.27 | $2,332.89 |
| Second P&I | — | $1,497.30 | — |
| Mortgage insurance | $117.08 | $117.08 | $67.39 |
| Taxes, insurance & HOA | $573.50 | $573.50 | $573.50 |
| Total housing payment | $1,476.86 | $2,974.16 | $2,973.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,962
Closing costs & prepaids$12,553
Usable credit−$0
Total buyer cash needed$50,514
Earnest money paid−$0
Remaining funds due$50,514
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,749.00
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)$355.50
Initial HOA (3 months)$915.00
Prepaid interest, first (1 days)$13.92
Prepaid interest, second (1 days)$44.38
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 3.970%
Interest already paid$61,717Through Nov 2026
Assumption only · ends May 2046$72,181
Assumption + second · ends May 2046, second Dec 2056$402,209
New conventional · ends Dec 2056$510,922