Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,444/mo
Lowest payment- Down payment
- $191,793
- Funds due
- $202,844
- Interest + MI left
- $46,813
- First ends
- Sep 2046
Assumption
Assumption + second
$2,625/mo
+$1,181/mo- Down payment
- $30,793
- Funds due
- $43,165
- Interest + MI left
- $311,103
- First ends
- Sep 2046
New loan
New conventional
$2,670/mo
+$1,227/mo- Down payment
- $30,793
- Funds due
- $39,828
- Interest + MI left
- $408,011
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $108,107 | $108,107 | $269,107 |
| Second mortgage | — | $161,000 | — |
| First P&I | $597.85 | $597.85 | $1,863.24 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | $92.71 | $92.71 | $53.82 |
| Taxes, insurance & HOA | $753.25 | $753.25 | $753.25 |
| Total housing payment | $1,443.81 | $2,625.17 | $2,670.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,793
Closing costs & prepaids$12,372
Usable credit−$0
Total buyer cash needed$43,165
Earnest money paid−$0
Remaining funds due$43,165
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$267.75
Initial HOA (3 months)$1,542.00
Prepaid interest, first (2 days)$17.18
Prepaid interest, second (2 days)$70.58
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 10 moOf the original 26-year loan at 2.900%
Interest already paid$21,458Through Nov 2026
Assumption only · ends Sep 2046$46,813
Assumption + second · ends Sep 2046, second Dec 2056$311,103
New conventional · ends Dec 2056$408,011