Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,257/mo
Lowest payment- Down payment
- $148,452
- Funds due
- $158,191
- Interest + MI left
- $66,621
- First ends
- Jun 2046
Assumption
Assumption + second
$2,138/mo
+$881/mo- Down payment
- $28,452
- Funds due
- $39,572
- Interest + MI left
- $263,607
- First ends
- Jun 2046
New loan
New conventional
$2,102/mo
+$845/mo- Down payment
- $28,452
- Funds due
- $36,285
- Interest + MI left
- $360,249
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $126,448 | $126,448 | $246,448 |
| Second mortgage | — | $120,000 | — |
| First P&I | $756.74 | $756.74 | $1,669.52 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | $117.03 | $117.03 | $49.29 |
| Taxes, insurance & HOA | $383.67 | $383.67 | $383.67 |
| Total housing payment | $1,257.44 | $2,137.96 | $2,102.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,452
Closing costs & prepaids$11,120
Usable credit−$0
Total buyer cash needed$39,572
Earnest money paid−$0
Remaining funds due$39,572
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,749.00
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)$701.00
Prepaid interest, first (5 days)$63.40
Prepaid interest, second (5 days)$131.51
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 6 moOf the original 30-year loan at 3.66%
Interest already paid$56,578Through Dec 2026
Assumption only · ends Jun 2046$66,621
Assumption + second · ends Jun 2046, second Jan 2057$263,607
New conventional · ends Jan 2057$360,249