Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,715/mo
Lowest payment- Down payment
- $233,024
- Funds due
- $244,292
- Interest + MI left
- $104,710
- First ends
- Oct 2046
Assumption
Assumption + second
$3,102/mo
+$1,387/mo- Down payment
- $44,024
- Funds due
- $56,791
- Interest + MI left
- $414,963
- First ends
- Oct 2046
New loan
New conventional
$3,087/mo
+$1,372/mo- Down payment
- $44,024
- Funds due
- $53,403
- Interest + MI left
- $578,836
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,876 | $206,876 | $395,876 |
| Second mortgage | — | $189,000 | — |
| First P&I | $1,198.29 | $1,198.29 | $2,681.80 |
| Second P&I | — | $1,386.82 | — |
| Mortgage insurance | $190.91 | $190.91 | $79.18 |
| Taxes, insurance & HOA | $326.00 | $326.00 | $326.00 |
| Total housing payment | $1,715.21 | $3,102.02 | $3,086.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,024
Closing costs & prepaids$12,767
Usable credit−$0
Total buyer cash needed$56,791
Earnest money paid−$0
Remaining funds due$56,791
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,399.00
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)$528.00
Prepaid interest, first (6 days)$116.30
Prepaid interest, second (6 days)$248.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 10 moOf the original 30-year loan at 3.42%
Interest already paid$83,541Through Dec 2026
Assumption only · ends Oct 2046$104,710
Assumption + second · ends Oct 2046, second Jan 2057$414,963
New conventional · ends Jan 2057$578,836