Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,396/mo
Lowest payment- Down payment
- $229,060
- Funds due
- $239,908
- Interest + MI left
- $76,711
- First ends
- Oct 2046
Assumption
Assumption + second
$2,798/mo
+$1,401/mo- Down payment
- $38,060
- Funds due
- $50,535
- Interest + MI left
- $390,247
- First ends
- Oct 2046
New loan
New conventional
$2,766/mo
+$1,370/mo- Down payment
- $38,060
- Funds due
- $47,205
- Interest + MI left
- $499,827
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $150,840 | $150,840 | $341,840 |
| Second mortgage | — | $191,000 | — |
| First P&I | $875.26 | $875.26 | $2,315.74 |
| Second P&I | — | $1,401.49 | — |
| Mortgage insurance | $139.10 | $139.10 | $68.37 |
| Taxes, insurance & HOA | $382.00 | $382.00 | $382.00 |
| Total housing payment | $1,396.36 | $2,797.85 | $2,766.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,060
Closing costs & prepaids$12,475
Usable credit−$0
Total buyer cash needed$50,535
Earnest money paid−$0
Remaining funds due$50,535
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$456.00
Initial HOA (3 months)$240.00
Prepaid interest, first (9 days)$127.95
Prepaid interest, second (9 days)$376.77
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 10 moOf the original 30-year loan at 3.44%
Interest already paid$61,244Through Dec 2026
Assumption only · ends Oct 2046$76,711
Assumption + second · ends Oct 2046, second Jan 2057$390,247
New conventional · ends Jan 2057$499,827