Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,069/mo
Lowest payment- Down payment
- $180,766
- Funds due
- $190,451
- Interest + MI left
- $60,821
- First ends
- Nov 2046
Assumption
Assumption + second
$2,169/mo
+$1,101/mo- Down payment
- $30,766
- Funds due
- $41,997
- Interest + MI left
- $307,054
- First ends
- Nov 2046
New loan
New conventional
$2,147/mo
+$1,078/mo- Down payment
- $30,766
- Funds due
- $38,719
- Interest + MI left
- $393,465
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $119,134 | $119,134 | $269,134 |
| Second mortgage | — | $150,000 | — |
| First P&I | $689.26 | $689.26 | $1,823.21 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | $109.54 | $109.54 | $53.83 |
| Taxes, insurance & HOA | $270.00 | $270.00 | $270.00 |
| Total housing payment | $1,068.80 | $2,169.45 | $2,147.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,766
Closing costs & prepaids$11,231
Usable credit−$0
Total buyer cash needed$41,997
Earnest money paid−$0
Remaining funds due$41,997
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$360.00
Prepaid interest, first (9 days)$101.05
Prepaid interest, second (9 days)$295.89
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 11 moOf the original 30-year loan at 3.44%
Interest already paid$47,888Through Dec 2026
Assumption only · ends Nov 2046$60,821
Assumption + second · ends Nov 2046, second Jan 2057$307,054
New conventional · ends Jan 2057$393,465