Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,744/mo
Lowest payment- Down payment
- $160,741
- Funds due
- $172,218
- Interest + MI left
- $58,471
- First ends
- Oct 2046
Assumption
Assumption + second
$2,720/mo
+$976/mo- Down payment
- $27,741
- Funds due
- $40,526
- Interest + MI left
- $276,797
- First ends
- Oct 2046
New loan
New conventional
$2,738/mo
+$995/mo- Down payment
- $27,741
- Funds due
- $37,220
- Interest + MI left
- $374,985
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $114,259 | $114,259 | $247,259 |
| Second mortgage | — | $133,000 | — |
| First P&I | $661.64 | $661.64 | $1,711.97 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | $105.02 | $105.02 | $49.45 |
| Taxes, insurance & HOA | $977.00 | $977.00 | $977.00 |
| Total housing payment | $1,743.67 | $2,719.57 | $2,738.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,741
Closing costs & prepaids$12,786
Usable credit−$0
Total buyer cash needed$40,526
Earnest money paid−$0
Remaining funds due$40,526
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$1,239.00
Initial HOA (3 months)$1,242.00
Prepaid interest, first (2 days)$21.60
Prepaid interest, second (2 days)$58.30
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 11 moOf the original 30-year loan at 3.450%
Interest already paid$46,053Through Nov 2026
Assumption only · ends Oct 2046$58,471
Assumption + second · ends Oct 2046, second Dec 2056$276,797
New conventional · ends Dec 2056$374,985