Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,433/mo
Lowest payment- Down payment
- $169,756
- Funds due
- $180,164
- Interest + MI left
- $69,952
- First ends
- Jul 2046
Assumption
Assumption + second
$2,453/mo
+$1,020/mo- Down payment
- $30,756
- Funds due
- $42,475
- Interest + MI left
- $298,128
- First ends
- Jul 2046
New loan
New conventional
$2,454/mo
+$1,020/mo- Down payment
- $30,756
- Funds due
- $39,139
- Interest + MI left
- $408,273
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $130,244 | $130,244 | $269,244 |
| Second mortgage | — | $139,000 | — |
| First P&I | $778.30 | $778.30 | $1,864.19 |
| Second P&I | — | $1,019.93 | — |
| Mortgage insurance | $119.63 | $119.63 | $53.85 |
| Taxes, insurance & HOA | $535.50 | $535.50 | $535.50 |
| Total housing payment | $1,433.43 | $2,453.36 | $2,453.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,756
Closing costs & prepaids$11,719
Usable credit−$0
Total buyer cash needed$42,475
Earnest money paid−$0
Remaining funds due$42,475
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$1,156.50
Prepaid interest, first (2 days)$26.48
Prepaid interest, second (2 days)$60.93
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 closing19 yr 8 moOf the original 30-year loan at 3.710%
Interest already paid$57,869Through Nov 2026
Assumption only · ends Jul 2046$69,952
Assumption + second · ends Jul 2046, second Dec 2056$298,128
New conventional · ends Dec 2056$408,273