Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,482/mo
Lowest payment- Down payment
- $134,783
- Funds due
- $144,728
- Interest + MI left
- $85,401
- First ends
- Jan 2047
Assumption
Assumption + second
$2,245/mo
+$763/mo- Down payment
- $30,783
- Funds due
- $42,001
- Interest + MI left
- $256,122
- First ends
- Jan 2047
New loan
New conventional
$2,299/mo
+$817/mo- Down payment
- $30,783
- Funds due
- $38,660
- Interest + MI left
- $406,662
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $164,217 | $164,217 | $268,217 |
| Second mortgage | — | $104,000 | — |
| First P&I | $944.42 | $944.42 | $1,857.08 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | $149.53 | $149.53 | $53.64 |
| Taxes, insurance & HOA | $388.33 | $388.33 | $388.33 |
| Total housing payment | $1,482.29 | $2,245.41 | $2,299.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,783
Closing costs & prepaids$11,218
Usable credit−$0
Total buyer cash needed$42,001
Earnest money paid−$0
Remaining funds due$42,001
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$715.00
Prepaid interest, first (1 days)$15.61
Prepaid interest, second (1 days)$22.79
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 closing20 yr 2 moOf the original 30-year loan at 3.470%
Interest already paid$64,554Through Nov 2026
Assumption only · ends Jan 2047$85,401
Assumption + second · ends Jan 2047, second Dec 2056$256,122
New conventional · ends Dec 2056$406,662