Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,616/mo
Lowest payment- Down payment
- $170,631
- Funds due
- $181,464
- Interest + MI left
- $76,271
- First ends
- Apr 2046
Assumption
Assumption + second
$2,636/mo
+$1,020/mo- Down payment
- $31,631
- Funds due
- $43,836
- Interest + MI left
- $304,447
- First ends
- Apr 2046
New loan
New conventional
$2,561/mo
+$945/mo- Down payment
- $31,631
- Funds due
- $40,506
- Interest + MI left
- $402,027
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $139,269 | $139,269 | $278,269 |
| Second mortgage | — | $139,000 | — |
| First P&I | $853.54 | $853.54 | $1,871.93 |
| Second P&I | — | $1,019.93 | — |
| Mortgage insurance | $128.65 | $128.65 | $55.65 |
| Taxes, insurance & HOA | $633.42 | $633.42 | $633.42 |
| Total housing payment | $1,615.61 | $2,635.54 | $2,561.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,631
Closing costs & prepaids$12,205
Usable credit−$0
Total buyer cash needed$43,836
Earnest money paid−$0
Remaining funds due$43,836
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,099.00
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)$790.25
Initial HOA (3 months)$660.00
Prepaid interest, first (4 days)$59.07
Prepaid interest, second (4 days)$121.86
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 4 moOf the original 30-year loan at 3.87%
Interest already paid$66,899Through Dec 2026
Assumption only · ends Apr 2046$76,271
Assumption + second · ends Apr 2046, second Jan 2057$304,447
New conventional · ends Jan 2057$402,027