Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$730/mo
Lowest payment- Down payment
- $122,200
- Funds due
- $130,668
- Interest + MI left
- $37,222
- First ends
- Nov 2046
Assumption
Assumption + second
$1,478/mo
+$748/mo- Down payment
- $20,200
- Funds due
- $29,963
- Interest + MI left
- $204,660
- First ends
- Nov 2046
New loan
New conventional
$1,489/mo
+$759/mo- Down payment
- $20,200
- Funds due
- $26,724
- Interest + MI left
- $265,026
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $72,800 | $72,800 | $174,800 |
| Second mortgage | — | $102,000 | — |
| First P&I | $419.60 | $419.60 | $1,210.28 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | $66.77 | $66.77 | $34.96 |
| Taxes, insurance & HOA | $243.33 | $243.33 | $243.33 |
| Total housing payment | $729.70 | $1,478.14 | $1,488.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,200
Closing costs & prepaids$9,763
Usable credit−$0
Total buyer cash needed$29,963
Earnest money paid−$0
Remaining funds due$29,963
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,950.00
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)$280.00
Prepaid interest, first (2 days)$13.68
Prepaid interest, second (2 days)$44.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing20 yrOf the original 30-year loan at 3.430%
Interest already paid$28,891Through Nov 2026
Assumption only · ends Nov 2046$37,222
Assumption + second · ends Nov 2046, second Dec 2056$204,660
New conventional · ends Dec 2056$265,026