Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,167/mo
Lowest payment- Down payment
- $171,302
- Funds due
- $180,996
- Interest + MI left
- $66,328
- First ends
- Oct 2046
Assumption
Assumption + second
$2,202/mo
+$1,035/mo- Down payment
- $30,302
- Funds due
- $41,277
- Interest + MI left
- $297,787
- First ends
- Oct 2046
New loan
New conventional
$2,223/mo
+$1,056/mo- Down payment
- $30,302
- Funds due
- $37,935
- Interest + MI left
- $408,961
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $128,698 | $128,698 | $269,698 |
| Second mortgage | — | $141,000 | — |
| First P&I | $747.23 | $747.23 | $1,867.33 |
| Second P&I | — | $1,034.61 | — |
| Mortgage insurance | $118.16 | $118.16 | $53.94 |
| Taxes, insurance & HOA | $302.00 | $302.00 | $302.00 |
| Total housing payment | $1,167.39 | $2,202.00 | $2,223.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,302
Closing costs & prepaids$10,974
Usable credit−$0
Total buyer cash needed$41,277
Earnest money paid−$0
Remaining funds due$41,277
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$456.00
Prepaid interest, first (1 days)$12.27
Prepaid interest, second (1 days)$30.90
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 closing19 yr 11 moOf the original 30-year loan at 3.480%
Interest already paid$52,293Through Nov 2026
Assumption only · ends Oct 2046$66,328
Assumption + second · ends Oct 2046, second Dec 2056$297,787
New conventional · ends Dec 2056$408,961