Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,214/mo
Lowest payment- Down payment
- $191,779
- Funds due
- $201,819
- Interest + MI left
- $70,961
- First ends
- Oct 2046
Assumption
Assumption + second
$2,373/mo
+$1,159/mo- Down payment
- $33,779
- Funds due
- $45,381
- Interest + MI left
- $330,326
- First ends
- Oct 2046
New loan
New conventional
$2,348/mo
+$1,134/mo- Down payment
- $33,779
- Funds due
- $42,087
- Interest + MI left
- $433,065
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $138,221 | $138,221 | $296,221 |
| Second mortgage | — | $158,000 | — |
| First P&I | $804.86 | $804.86 | $2,006.70 |
| Second P&I | — | $1,159.35 | — |
| Mortgage insurance | $127.28 | $127.28 | $59.24 |
| Taxes, insurance & HOA | $282.00 | $282.00 | $282.00 |
| Total housing payment | $1,214.14 | $2,373.49 | $2,347.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,779
Closing costs & prepaids$11,601
Usable credit−$0
Total buyer cash needed$45,381
Earnest money paid−$0
Remaining funds due$45,381
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$396.00
Prepaid interest, first (9 days)$118.60
Prepaid interest, second (9 days)$311.67
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 10 moOf the original 30-year loan at 3.48%
Interest already paid$56,729Through Dec 2026
Assumption only · ends Oct 2046$70,961
Assumption + second · ends Oct 2046, second Jan 2057$330,326
New conventional · ends Jan 2057$433,065