Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,795/mo
Lowest payment- Down payment
- $266,300
- Funds due
- $278,192
- Interest + MI left
- $109,797
- First ends
- Feb 2046
Assumption
Assumption + second
$3,364/mo
+$1,569/mo- Down payment
- $47,300
- Funds due
- $60,721
- Interest + MI left
- $455,617
- First ends
- Feb 2046
New loan
New conventional
$3,289/mo
+$1,494/mo- Down payment
- $47,300
- Funds due
- $57,282
- Interest + MI left
- $609,347
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,800 | $197,800 | $416,800 |
| Second mortgage | — | $219,000 | — |
| First P&I | $1,229.65 | $1,229.65 | $2,823.55 |
| Second P&I | — | $1,568.94 | — |
| Mortgage insurance | $183.10 | $183.10 | $83.36 |
| Taxes, insurance & HOA | $382.33 | $382.33 | $382.33 |
| Total housing payment | $1,795.09 | $3,364.03 | $3,289.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,300
Closing costs & prepaids$13,421
Usable credit−$0
Total buyer cash needed$60,721
Earnest money paid−$0
Remaining funds due$60,721
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,641.00
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)$557.00
Initial HOA (3 months)$90.00
Prepaid interest, first (6 days)$129.09
Prepaid interest, second (6 days)$279.00
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 2 moOf the original 30-year loan at 3.97%
Interest already paid$99,155Through Dec 2026
Assumption only · ends Feb 2046$109,797
Assumption + second · ends Feb 2046, second Jan 2057$455,617
New conventional · ends Jan 2057$609,347