Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,832/mo
Lowest payment- Down payment
- $290,585
- Funds due
- $302,647
- Interest + MI left
- $115,415
- First ends
- Feb 2046
Assumption
Assumption + second
$3,551/mo
+$1,719/mo- Down payment
- $50,585
- Funds due
- $63,999
- Interest + MI left
- $494,395
- First ends
- Feb 2046
New loan
New conventional
$3,545/mo
+$1,713/mo- Down payment
- $50,585
- Funds due
- $60,478
- Interest + MI left
- $679,962
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $208,415 | $208,415 | $448,415 |
| Second mortgage | — | $240,000 | — |
| First P&I | $1,288.63 | $1,288.63 | $3,104.73 |
| Second P&I | — | $1,719.39 | — |
| Mortgage insurance | $192.58 | $192.58 | $89.68 |
| Taxes, insurance & HOA | $350.67 | $350.67 | $350.67 |
| Total housing payment | $1,831.88 | $3,551.27 | $3,545.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,585
Closing costs & prepaids$13,414
Usable credit−$0
Total buyer cash needed$63,999
Earnest money paid−$0
Remaining funds due$63,999
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$552.00
Prepaid interest, first (2 days)$44.99
Prepaid interest, second (2 days)$101.92
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 3 moOf the original 30-year loan at 3.940%
Interest already paid$102,764Through Nov 2026
Assumption only · ends Feb 2046$115,415
Assumption + second · ends Feb 2046, second Dec 2056$494,395
New conventional · ends Dec 2056$679,962