Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$863/mo
Lowest payment- Down payment
- $188,798
- Funds due
- $198,091
- Interest + MI left
- $47,942
- First ends
- May 2046
Assumption
Assumption + second
$2,037/mo
+$1,174/mo- Down payment
- $28,798
- Funds due
- $39,411
- Interest + MI left
- $310,590
- First ends
- May 2046
New loan
New conventional
$2,023/mo
+$1,160/mo- Down payment
- $28,798
- Funds due
- $36,086
- Interest + MI left
- $380,864
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $91,202 | $91,202 | $251,202 |
| Second mortgage | — | $160,000 | — |
| First P&I | $545.34 | $545.34 | $1,739.27 |
| Second P&I | — | $1,174.02 | — |
| Mortgage insurance | $84.44 | $84.44 | $50.24 |
| Taxes, insurance & HOA | $233.08 | $233.08 | $233.08 |
| Total housing payment | $862.86 | $2,036.88 | $2,022.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,798
Closing costs & prepaids$10,613
Usable credit−$0
Total buyer cash needed$39,411
Earnest money paid−$0
Remaining funds due$39,411
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$249.25
Prepaid interest, first (2 days)$18.24
Prepaid interest, second (2 days)$70.14
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 6 moOf the original 30-year loan at 3.650%
Interest already paid$40,704Through Nov 2026
Assumption only · ends May 2046$47,942
Assumption + second · ends May 2046, second Dec 2056$310,590
New conventional · ends Dec 2056$380,864