Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,099/mo
Lowest payment- Down payment
- $97,300
- Funds due
- $109,586
- Interest + MI left
- $215,299
- First ends
- Oct 2046
Assumption
Assumption + second
$3,477/mo
+$378/mo- Down payment
- $50,300
- Funds due
- $63,906
- Interest + MI left
- $304,441
- First ends
- Oct 2046
New loan
New conventional
$3,474/mo
+$375/mo- Down payment
- $50,300
- Funds due
- $60,566
- Interest + MI left
- $650,136
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $397,700 | $397,700 | $444,700 |
| Second mortgage | — | $47,000 | — |
| First P&I | $2,362.98 | $2,362.98 | $3,012.55 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | $363.19 | $363.19 | $88.94 |
| Taxes, insurance & HOA | $373.00 | $373.00 | $373.00 |
| Total housing payment | $3,099.17 | $3,477.34 | $3,474.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,300
Closing costs & prepaids$13,606
Usable credit−$0
Total buyer cash needed$63,906
Earnest money paid−$0
Remaining funds due$63,906
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,950.00
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)$594.00
Initial HOA (3 months)$24.99
Prepaid interest, first (6 days)$242.54
Prepaid interest, second (6 days)$69.53
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 3.71%
Interest already paid$173,239Through Dec 2026
Assumption only · ends Oct 2046$215,299
Assumption + second · ends Oct 2046, second Jan 2057$304,441
New conventional · ends Jan 2057$650,136