Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$979/mo
Lowest payment- Down payment
- $102,625
- Funds due
- $111,345
- Interest + MI left
- $52,343
- First ends
- Nov 2046
Assumption
Assumption + second
$1,639/mo
+$660/mo- Down payment
- $20,625
- Funds due
- $30,615
- Interest + MI left
- $207,867
- First ends
- Nov 2046
New loan
New conventional
$1,609/mo
+$629/mo- Down payment
- $20,625
- Funds due
- $27,367
- Interest + MI left
- $279,617
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $102,375 | $102,375 | $184,375 |
| Second mortgage | — | $82,000 | — |
| First P&I | $590.06 | $590.06 | $1,276.58 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | $93.89 | $93.89 | $36.88 |
| Taxes, insurance & HOA | $295.17 | $295.17 | $295.17 |
| Total housing payment | $979.12 | $1,638.91 | $1,608.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,625
Closing costs & prepaids$9,990
Usable credit−$0
Total buyer cash needed$30,615
Earnest money paid−$0
Remaining funds due$30,615
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,050.00
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)$435.50
Prepaid interest, first (1 days)$9.62
Prepaid interest, second (1 days)$20.22
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 yrOf the original 30-year loan at 3.430%
Interest already paid$40,628Through Nov 2026
Assumption only · ends Nov 2046$52,343
Assumption + second · ends Nov 2046, second Dec 2056$207,867
New conventional · ends Dec 2056$279,617