Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,929/mo
Lowest payment- Down payment
- $274,309
- Funds due
- $286,521
- Interest + MI left
- $119,718
- First ends
- Jun 2046
Assumption
Assumption + second
$3,534/mo
+$1,605/mo- Down payment
- $50,309
- Funds due
- $64,056
- Interest + MI left
- $473,432
- First ends
- Jun 2046
New loan
New conventional
$3,503/mo
+$1,573/mo- Down payment
- $50,309
- Funds due
- $60,612
- Interest + MI left
- $657,523
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $225,691 | $225,691 | $449,691 |
| Second mortgage | — | $224,000 | — |
| First P&I | $1,354.17 | $1,354.17 | $3,046.36 |
| Second P&I | — | $1,604.76 | — |
| Mortgage insurance | $208.65 | $208.65 | $89.94 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $1,929.49 | $3,534.25 | $3,502.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,309
Closing costs & prepaids$13,747
Usable credit−$0
Total buyer cash needed$64,056
Earnest money paid−$0
Remaining funds due$64,056
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$600.00
Prepaid interest, first (6 days)$136.90
Prepaid interest, second (6 days)$285.37
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 6 moOf the original 30-year loan at 3.69%
Interest already paid$101,751Through Dec 2026
Assumption only · ends Jun 2046$119,718
Assumption + second · ends Jun 2046, second Jan 2057$473,432
New conventional · ends Jan 2057$657,523