Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,061/mo
Lowest payment- Down payment
- $227,940
- Funds due
- $238,237
- Interest + MI left
- $46,539
- First ends
- Mar 2046
Assumption
Assumption + second
$2,499/mo
+$1,438/mo- Down payment
- $31,940
- Funds due
- $43,572
- Interest + MI left
- $368,283
- First ends
- Mar 2046
New loan
New conventional
$2,468/mo
+$1,407/mo- Down payment
- $31,940
- Funds due
- $40,214
- Interest + MI left
- $429,223
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $87,060 | $87,060 | $283,060 |
| Second mortgage | — | $196,000 | — |
| First P&I | $528.60 | $528.60 | $1,959.85 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | $80.75 | $80.75 | $56.61 |
| Taxes, insurance & HOA | $451.33 | $451.33 | $451.33 |
| Total housing payment | $1,060.68 | $2,498.86 | $2,467.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,940
Closing costs & prepaids$11,633
Usable credit−$0
Total buyer cash needed$43,572
Earnest money paid−$0
Remaining funds due$43,572
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$163.00
Initial HOA (3 months)$741.00
Prepaid interest, first (2 days)$17.94
Prepaid interest, second (2 days)$85.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 4 moOf the original 30-year loan at 3.760%
Interest already paid$40,721Through Nov 2026
Assumption only · ends Mar 2046$46,539
Assumption + second · ends Mar 2046, second Dec 2056$368,283
New conventional · ends Dec 2056$429,223