Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,062/mo
Lowest payment- Down payment
- $190,605
- Funds due
- $200,468
- Interest + MI left
- $48,607
- First ends
- Sep 2046
Assumption
Assumption + second
$2,237/mo
+$1,174/mo- Down payment
- $30,605
- Funds due
- $41,753
- Interest + MI left
- $311,255
- First ends
- Sep 2046
New loan
New conventional
$2,279/mo
+$1,216/mo- Down payment
- $30,605
- Funds due
- $38,408
- Interest + MI left
- $408,502
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $109,395 | $109,395 | $269,395 |
| Second mortgage | — | $160,000 | — |
| First P&I | $611.52 | $611.52 | $1,865.24 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | $91.14 | $91.14 | $53.88 |
| Taxes, insurance & HOA | $359.83 | $359.83 | $359.83 |
| Total housing payment | $1,062.50 | $2,236.52 | $2,278.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,605
Closing costs & prepaids$11,149
Usable credit−$0
Total buyer cash needed$41,753
Earnest money paid−$0
Remaining funds due$41,753
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)$629.50
Prepaid interest, first (1 days)$9.05
Prepaid interest, second (1 days)$35.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 10 moOf the original 25-year loan at 3.020%
Interest already paid$18,637Through Nov 2026
Assumption only · ends Sep 2046$48,607
Assumption + second · ends Sep 2046, second Dec 2056$311,255
New conventional · ends Dec 2056$408,502