Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,915/mo
Lowest payment- Down payment
- $171,544
- Funds due
- $183,179
- Interest + MI left
- $83,685
- First ends
- Dec 2046
Assumption
Assumption + second
$2,927/mo
+$1,013/mo- Down payment
- $33,544
- Funds due
- $46,490
- Interest + MI left
- $310,219
- First ends
- Dec 2046
New loan
New conventional
$2,974/mo
+$1,059/mo- Down payment
- $33,544
- Funds due
- $43,136
- Interest + MI left
- $457,178
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $163,456 | $163,456 | $301,456 |
| Second mortgage | — | $138,000 | — |
| First P&I | $938.55 | $938.55 | $2,087.22 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | $149.53 | $149.53 | $60.29 |
| Taxes, insurance & HOA | $826.67 | $826.67 | $826.67 |
| Total housing payment | $1,914.75 | $2,927.35 | $2,974.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,544
Closing costs & prepaids$12,946
Usable credit−$0
Total buyer cash needed$46,490
Earnest money paid−$0
Remaining funds due$46,490
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$923.00
Initial HOA (3 months)$1,107.00
Prepaid interest, first (2 days)$30.63
Prepaid interest, second (2 days)$60.49
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 1 moOf the original 30-year loan at 3.420%
Interest already paid$64,039Through Nov 2026
Assumption only · ends Dec 2046$83,685
Assumption + second · ends Dec 2046, second Dec 2056$310,219
New conventional · ends Dec 2056$457,178