Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,400/mo
Lowest payment- Down payment
- $226,440
- Funds due
- $237,122
- Interest + MI left
- $84,823
- First ends
- Jul 2046
Assumption
Assumption + second
$2,772/mo
+$1,372/mo- Down payment
- $39,440
- Funds due
- $51,741
- Interest + MI left
- $391,794
- First ends
- Jul 2046
New loan
New conventional
$2,714/mo
+$1,314/mo- Down payment
- $39,440
- Funds due
- $48,394
- Interest + MI left
- $505,197
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $158,560 | $158,560 | $345,560 |
| Second mortgage | — | $187,000 | — |
| First P&I | $950.25 | $950.25 | $2,340.94 |
| Second P&I | — | $1,372.14 | — |
| Mortgage insurance | $146.06 | $146.06 | $69.11 |
| Taxes, insurance & HOA | $304.00 | $304.00 | $304.00 |
| Total housing payment | $1,400.31 | $2,772.45 | $2,714.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,440
Closing costs & prepaids$12,301
Usable credit−$0
Total buyer cash needed$51,741
Earnest money paid−$0
Remaining funds due$51,741
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$462.00
Prepaid interest, first (9 days)$145.05
Prepaid interest, second (9 days)$368.88
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 3.71%
Interest already paid$71,146Through Dec 2026
Assumption only · ends Jul 2046$84,823
Assumption + second · ends Jul 2046, second Jan 2057$391,794
New conventional · ends Jan 2057$505,197