Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,567/mo
Lowest payment- Down payment
- $153,868
- Funds due
- $164,245
- Interest + MI left
- $87,370
- First ends
- Jan 2047
Assumption
Assumption + second
$2,455/mo
+$888/mo- Down payment
- $32,868
- Funds due
- $44,548
- Interest + MI left
- $285,998
- First ends
- Jan 2047
New loan
New conventional
$2,502/mo
+$935/mo- Down payment
- $32,868
- Funds due
- $41,201
- Interest + MI left
- $435,189
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,032 | $166,032 | $287,032 |
| Second mortgage | — | $121,000 | — |
| First P&I | $959.13 | $959.13 | $1,987.35 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | $150.92 | $150.92 | $57.41 |
| Taxes, insurance & HOA | $457.08 | $457.08 | $457.08 |
| Total housing payment | $1,567.14 | $2,454.99 | $2,501.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,868
Closing costs & prepaids$11,680
Usable credit−$0
Total buyer cash needed$44,548
Earnest money paid−$0
Remaining funds due$44,548
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$921.25
Prepaid interest, first (2 days)$32.02
Prepaid interest, second (2 days)$53.04
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 yr 2 moOf the original 30-year loan at 3.520%
Interest already paid$66,146Through Nov 2026
Assumption only · ends Jan 2047$87,370
Assumption + second · ends Jan 2047, second Dec 2056$285,998
New conventional · ends Dec 2056$435,189