Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,276/mo
Lowest payment- Down payment
- $263,389
- Funds due
- $274,220
- Interest + MI left
- $73,195
- First ends
- Dec 2046
Assumption
Assumption + second
$2,867/mo
+$1,590/mo- Down payment
- $41,389
- Funds due
- $53,517
- Interest + MI left
- $423,752
- First ends
- Dec 2046
New loan
New conventional
$2,921/mo
+$1,645/mo- Down payment
- $41,389
- Funds due
- $50,067
- Interest + MI left
- $551,368
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $141,611 | $141,611 | $363,611 |
| Second mortgage | — | $222,000 | — |
| First P&I | $816.02 | $816.02 | $2,517.57 |
| Second P&I | — | $1,590.44 | — |
| Mortgage insurance | $129.36 | $129.36 | $72.72 |
| Taxes, insurance & HOA | $330.92 | $330.92 | $330.92 |
| Total housing payment | $1,276.30 | $2,866.74 | $2,921.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,389
Closing costs & prepaids$12,128
Usable credit−$0
Total buyer cash needed$53,517
Earnest money paid−$0
Remaining funds due$53,517
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$329.75
Initial HOA (3 months)$213.00
Prepaid interest, first (1 days)$13.42
Prepaid interest, second (1 days)$47.14
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 closing20 yr 1 moOf the original 30-year loan at 3.460%
Interest already paid$56,087Through Nov 2026
Assumption only · ends Dec 2046$73,195
Assumption + second · ends Dec 2046, second Dec 2056$423,752
New conventional · ends Dec 2056$551,368