Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,308/mo
Lowest payment- Down payment
- $62,046
- Funds due
- $71,288
- Interest + MI left
- $55,062
- First ends
- Sep 2046
Assumption
Assumption + second
$1,670/mo
+$362/mo- Down payment
- $17,046
- Funds due
- $27,560
- Interest + MI left
- $140,411
- First ends
- Sep 2046
New loan
New conventional
$1,669/mo
+$361/mo- Down payment
- $17,046
- Funds due
- $24,359
- Interest + MI left
- $230,902
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,253 | $107,253 | $152,253 |
| Second mortgage | — | $45,000 | — |
| First P&I | $624.54 | $624.54 | $1,054.17 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $98.76 | $98.76 | $30.45 |
| Taxes, insurance & HOA | $584.67 | $584.67 | $584.67 |
| Total housing payment | $1,307.97 | $1,670.05 | $1,669.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,046
Closing costs & prepaids$10,515
Usable credit−$0
Total buyer cash needed$27,560
Earnest money paid−$0
Remaining funds due$27,560
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,692.99
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)$1,304.00
Prepaid interest, first (2 days)$20.45
Prepaid interest, second (2 days)$22.19
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 30-year loan at 3.480%
Interest already paid$44,019Through Nov 2026
Assumption only · ends Sep 2046$55,062
Assumption + second · ends Sep 2046, second Dec 2056$140,411
New conventional · ends Dec 2056$230,902