Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,338/mo
Lowest payment- Down payment
- $243,899
- Funds due
- $256,774
- Interest + MI left
- $134,623
- First ends
- Sep 2046
Assumption
Assumption + second
$3,754/mo
+$1,416/mo- Down payment
- $50,899
- Funds due
- $65,236
- Interest + MI left
- $451,443
- First ends
- Sep 2046
New loan
New conventional
$3,723/mo
+$1,385/mo- Down payment
- $50,899
- Funds due
- $61,780
- Interest + MI left
- $656,424
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $256,001 | $256,001 | $449,001 |
| Second mortgage | — | $193,000 | — |
| First P&I | $1,510.85 | $1,510.85 | $3,041.69 |
| Second P&I | — | $1,416.17 | — |
| Mortgage insurance | $235.39 | $235.39 | $89.80 |
| Taxes, insurance & HOA | $591.58 | $591.58 | $591.58 |
| Total housing payment | $2,337.82 | $3,753.99 | $3,723.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,899
Closing costs & prepaids$14,337
Usable credit−$0
Total buyer cash needed$65,236
Earnest money paid−$0
Remaining funds due$65,236
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$1,274.75
Prepaid interest, first (5 days)$126.25
Prepaid interest, second (5 days)$211.51
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 3.6%
Interest already paid$109,521Through Dec 2026
Assumption only · ends Sep 2046$134,623
Assumption + second · ends Sep 2046, second Jan 2057$451,443
New conventional · ends Jan 2057$656,424