Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$946/mo
Lowest payment- Down payment
- $196,055
- Funds due
- $205,908
- Interest + MI left
- $38,868
- First ends
- Jun 2046
Assumption
Assumption + second
$2,186/mo
+$1,240/mo- Down payment
- $27,055
- Funds due
- $38,492
- Interest + MI left
- $316,291
- First ends
- Jun 2046
New loan
New conventional
$2,128/mo
+$1,182/mo- Down payment
- $27,055
- Funds due
- $35,200
- Interest + MI left
- $353,764
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $72,945 | $72,945 | $241,945 |
| Second mortgage | — | $169,000 | — |
| First P&I | $438.43 | $438.43 | $1,639.02 |
| Second P&I | — | $1,240.06 | — |
| Mortgage insurance | $67.39 | $67.39 | $48.39 |
| Taxes, insurance & HOA | $440.58 | $440.58 | $440.58 |
| Total housing payment | $946.40 | $2,186.47 | $2,127.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,055
Closing costs & prepaids$11,437
Usable credit−$0
Total buyer cash needed$38,492
Earnest money paid−$0
Remaining funds due$38,492
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,690.00
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)$322.75
Initial HOA (3 months)$549.00
Prepaid interest, first (9 days)$66.73
Prepaid interest, second (9 days)$333.37
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 6 moOf the original 30-year loan at 3.71%
Interest already paid$33,052Through Dec 2026
Assumption only · ends Jun 2046$38,868
Assumption + second · ends Jun 2046, second Jan 2057$316,291
New conventional · ends Jan 2057$353,764