Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$506/mo
Lowest payment- Down payment
- $101,077
- Funds due
- $108,963
- Interest + MI left
- $22,886
- First ends
- Sep 2046
Assumption
Assumption + second
$1,198/mo
+$692/mo- Down payment
- $15,077
- Funds due
- $24,404
- Interest + MI left
- $185,998
- First ends
- Sep 2046
New loan
New conventional
$1,113/mo
+$607/mo- Down payment
- $15,077
- Funds due
- $21,204
- Interest + MI left
- $189,771
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $43,823 | $43,823 | $129,823 |
| Second mortgage | — | $86,000 | — |
| First P&I | $257.96 | $257.96 | $879.47 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | $40.34 | $40.34 | $25.96 |
| Taxes, insurance & HOA | $208.00 | $208.00 | $208.00 |
| Total housing payment | $506.30 | $1,198.27 | $1,113.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,077
Closing costs & prepaids$9,327
Usable credit−$0
Total buyer cash needed$24,404
Earnest money paid−$0
Remaining funds due$24,404
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,449.00
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)$174.00
Prepaid interest, first (9 days)$38.58
Prepaid interest, second (9 days)$190.85
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 9 moOf the original 30-year loan at 3.57%
Interest already paid$18,603Through Dec 2026
Assumption only · ends Sep 2046$22,886
Assumption + second · ends Sep 2046, second Jan 2057$185,998
New conventional · ends Jan 2057$189,771