Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,875/mo
Lowest payment- Down payment
- $363,703
- Funds due
- $376,771
- Interest + MI left
- $108,436
- First ends
- Jan 2046
Assumption
Assumption + second
$4,067/mo
+$2,192/mo- Down payment
- $57,703
- Funds due
- $72,411
- Interest + MI left
- $591,636
- First ends
- Jan 2046
New loan
New conventional
$3,991/mo
+$2,116/mo- Down payment
- $57,703
- Funds due
- $68,871
- Interest + MI left
- $747,601
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,297 | $205,297 | $511,297 |
| Second mortgage | — | $306,000 | — |
| First P&I | $1,257.61 | $1,257.61 | $3,463.70 |
| Second P&I | — | $2,192.22 | — |
| Mortgage insurance | $192.12 | $192.12 | $102.26 |
| Taxes, insurance & HOA | $425.50 | $425.50 | $425.50 |
| Total housing payment | $1,875.23 | $4,067.45 | $3,991.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,703
Closing costs & prepaids$14,708
Usable credit−$0
Total buyer cash needed$72,411
Earnest money paid−$0
Remaining funds due$72,411
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,690.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$682.75
Initial HOA (3 months)$93.75
Prepaid interest, first (6 days)$126.89
Prepaid interest, second (6 days)$389.84
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 1 moOf the original 30-year loan at 3.76%
Interest already paid$98,822Through Dec 2026
Assumption only · ends Jan 2046$108,436
Assumption + second · ends Jan 2046, second Jan 2057$591,636
New conventional · ends Jan 2057$747,601