Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$948/mo
Lowest payment- Down payment
- $97,884
- Funds due
- $106,746
- Interest + MI left
- $35,907
- First ends
- Jan 2046
Assumption
Assumption + second
$1,600/mo
+$652/mo- Down payment
- $16,884
- Funds due
- $27,036
- Interest + MI left
- $189,535
- First ends
- Jan 2046
New loan
New conventional
$1,530/mo
+$581/mo- Down payment
- $16,884
- Funds due
- $23,824
- Interest + MI left
- $224,598
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $67,116 | $67,116 | $148,116 |
| Second mortgage | — | $81,000 | — |
| First P&I | $411.31 | $411.31 | $1,025.53 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | $62.53 | $62.53 | $29.62 |
| Taxes, insurance & HOA | $474.50 | $474.50 | $474.50 |
| Total housing payment | $948.33 | $1,600.07 | $1,529.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,884
Closing costs & prepaids$10,152
Usable credit−$0
Total buyer cash needed$27,036
Earnest money paid−$0
Remaining funds due$27,036
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,650.00
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)$973.50
Prepaid interest, first (2 days)$13.97
Prepaid interest, second (2 days)$39.95
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 2 moOf the original 30-year loan at 3.800%
Interest already paid$32,315Through Nov 2026
Assumption only · ends Jan 2046$35,907
Assumption + second · ends Jan 2046, second Dec 2056$189,535
New conventional · ends Dec 2056$224,598