Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$938/mo
Lowest payment- Down payment
- $206,882
- Funds due
- $216,609
- Interest + MI left
- $50,886
- First ends
- Sep 2046
Assumption
Assumption + second
$2,230/mo
+$1,291/mo- Down payment
- $30,882
- Funds due
- $42,206
- Interest + MI left
- $339,799
- First ends
- Sep 2046
New loan
New conventional
$2,184/mo
+$1,245/mo- Down payment
- $30,882
- Funds due
- $38,899
- Interest + MI left
- $400,806
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $98,118 | $98,118 | $274,118 |
| Second mortgage | — | $176,000 | — |
| First P&I | $576.04 | $576.04 | $1,856.97 |
| Second P&I | — | $1,291.43 | — |
| Mortgage insurance | $90.42 | $90.42 | $54.82 |
| Taxes, insurance & HOA | $272.00 | $272.00 | $272.00 |
| Total housing payment | $938.45 | $2,229.88 | $2,183.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,882
Closing costs & prepaids$11,324
Usable credit−$0
Total buyer cash needed$42,206
Earnest money paid−$0
Remaining funds due$42,206
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
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)$366.00
Prepaid interest, first (9 days)$85.64
Prepaid interest, second (9 days)$347.18
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 3.54%
Interest already paid$41,325Through Dec 2026
Assumption only · ends Sep 2046$50,886
Assumption + second · ends Sep 2046, second Jan 2057$339,799
New conventional · ends Jan 2057$400,806