Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$908/mo
Lowest payment- Down payment
- $195,843
- Funds due
- $205,521
- Interest + MI left
- $39,136
- First ends
- Jun 2046
Assumption
Assumption + second
$2,141/mo
+$1,233/mo- Down payment
- $27,843
- Funds due
- $38,808
- Interest + MI left
- $314,917
- First ends
- Jun 2046
New loan
New conventional
$2,120/mo
+$1,212/mo- Down payment
- $27,843
- Funds due
- $35,485
- Interest + MI left
- $365,634
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $73,157 | $73,157 | $241,157 |
| Second mortgage | — | $168,000 | — |
| First P&I | $438.43 | $438.43 | $1,669.72 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | $67.39 | $67.39 | $48.23 |
| Taxes, insurance & HOA | $402.17 | $402.17 | $402.17 |
| Total housing payment | $907.99 | $2,140.71 | $2,120.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,843
Closing costs & prepaids$10,966
Usable credit−$0
Total buyer cash needed$38,808
Earnest money paid−$0
Remaining funds due$38,808
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,690.00
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)$207.50
Initial HOA (3 months)$549.00
Prepaid interest, first (1 days)$7.44
Prepaid interest, second (1 days)$36.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 30-year loan at 3.710%
Interest already paid$32,826Through Nov 2026
Assumption only · ends Jun 2046$39,136
Assumption + second · ends Jun 2046, second Dec 2056$314,917
New conventional · ends Dec 2056$365,634