Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,824/mo
Lowest payment- Down payment
- $349,842
- Funds due
- $362,899
- Interest + MI left
- $102,310
- First ends
- Sep 2046
Assumption
Assumption + second
$3,930/mo
+$2,106/mo- Down payment
- $55,842
- Funds due
- $70,711
- Interest + MI left
- $566,560
- First ends
- Sep 2046
New loan
New conventional
$3,916/mo
+$2,093/mo- Down payment
- $55,842
- Funds due
- $67,244
- Interest + MI left
- $722,296
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,058 | $200,058 | $494,058 |
| Second mortgage | — | $294,000 | — |
| First P&I | $1,168.36 | $1,168.36 | $3,346.92 |
| Second P&I | — | $2,106.25 | — |
| Mortgage insurance | $184.76 | $184.76 | $98.81 |
| Taxes, insurance & HOA | $470.67 | $470.67 | $470.67 |
| Total housing payment | $1,823.79 | $3,930.04 | $3,916.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,842
Closing costs & prepaids$14,869
Usable credit−$0
Total buyer cash needed$70,711
Earnest money paid−$0
Remaining funds due$70,711
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,499.00
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)$660.00
Initial HOA (3 months)$252.00
Prepaid interest, first (9 days)$171.67
Prepaid interest, second (9 days)$561.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 9 moOf the original 30-year loan at 3.48%
Interest already paid$82,931Through Dec 2026
Assumption only · ends Sep 2046$102,310
Assumption + second · ends Sep 2046, second Jan 2057$566,560
New conventional · ends Jan 2057$722,296