Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,420/mo
Lowest payment- Down payment
- $144,739
- Funds due
- $154,679
- Interest + MI left
- $79,498
- First ends
- Apr 2046
Assumption
Assumption + second
$2,264/mo
+$844/mo- Down payment
- $29,739
- Funds due
- $41,055
- Interest + MI left
- $268,276
- First ends
- Apr 2046
New loan
New conventional
$2,211/mo
+$791/mo- Down payment
- $29,739
- Funds due
- $37,761
- Interest + MI left
- $380,346
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $145,161 | $145,161 | $260,161 |
| Second mortgage | — | $115,000 | — |
| First P&I | $889.65 | $889.65 | $1,762.42 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | $134.09 | $134.09 | $52.03 |
| Taxes, insurance & HOA | $396.42 | $396.42 | $396.42 |
| Total housing payment | $1,420.16 | $2,263.99 | $2,210.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,739
Closing costs & prepaids$11,316
Usable credit−$0
Total buyer cash needed$41,055
Earnest money paid−$0
Remaining funds due$41,055
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,899.00
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)$739.25
Prepaid interest, first (5 days)$76.96
Prepaid interest, second (5 days)$126.03
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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$69,730Through Dec 2026
Assumption only · ends Apr 2046$79,498
Assumption + second · ends Apr 2046, second Jan 2057$268,276
New conventional · ends Jan 2057$380,346