Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,106/mo
Lowest payment- Down payment
- $175,502
- Funds due
- $185,192
- Interest + MI left
- $63,113
- First ends
- Oct 2046
Assumption
Assumption + second
$2,170/mo
+$1,064/mo- Down payment
- $30,502
- Funds due
- $41,728
- Interest + MI left
- $301,138
- First ends
- Oct 2046
New loan
New conventional
$2,149/mo
+$1,043/mo- Down payment
- $30,502
- Funds due
- $38,458
- Interest + MI left
- $393,851
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $124,398 | $124,398 | $269,398 |
| Second mortgage | — | $145,000 | — |
| First P&I | $721.19 | $721.19 | $1,825.00 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | $114.76 | $114.76 | $53.88 |
| Taxes, insurance & HOA | $270.00 | $270.00 | $270.00 |
| Total housing payment | $1,105.94 | $2,169.90 | $2,148.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,502
Closing costs & prepaids$11,225
Usable credit−$0
Total buyer cash needed$41,728
Earnest money paid−$0
Remaining funds due$41,728
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$360.00
Prepaid interest, first (9 days)$105.21
Prepaid interest, second (9 days)$286.03
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 3.43%
Interest already paid$50,371Through Dec 2026
Assumption only · ends Oct 2046$63,113
Assumption + second · ends Oct 2046, second Jan 2057$301,138
New conventional · ends Jan 2057$393,851