Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,013/mo
Lowest payment- Down payment
- $175,919
- Funds due
- $185,433
- Interest + MI left
- $57,044
- First ends
- Jul 2046
Assumption
Assumption + second
$2,092/mo
+$1,079/mo- Down payment
- $28,919
- Funds due
- $39,973
- Interest + MI left
- $298,353
- First ends
- Jul 2046
New loan
New conventional
$2,050/mo
+$1,037/mo- Down payment
- $28,919
- Funds due
- $36,700
- Interest + MI left
- $374,433
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $109,081 | $109,081 | $256,081 |
| Second mortgage | — | $147,000 | — |
| First P&I | $648.09 | $648.09 | $1,734.78 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | $100.85 | $100.85 | $51.22 |
| Taxes, insurance & HOA | $264.00 | $264.00 | $264.00 |
| Total housing payment | $1,012.94 | $2,091.57 | $2,050.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,919
Closing costs & prepaids$11,054
Usable credit−$0
Total buyer cash needed$39,973
Earnest money paid−$0
Remaining funds due$39,973
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$342.00
Prepaid interest, first (9 days)$97.10
Prepaid interest, second (9 days)$289.97
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 7 moOf the original 30-year loan at 3.61%
Interest already paid$47,719Through Dec 2026
Assumption only · ends Jul 2046$57,044
Assumption + second · ends Jul 2046, second Jan 2057$298,353
New conventional · ends Jan 2057$374,433