Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,608/mo
Lowest payment- Down payment
- $179,810
- Funds due
- $190,511
- Interest + MI left
- $89,498
- First ends
- Sep 2046
Assumption
Assumption + second
$2,665/mo
+$1,057/mo- Down payment
- $35,810
- Funds due
- $47,919
- Interest + MI left
- $325,882
- First ends
- Sep 2046
New loan
New conventional
$2,639/mo
+$1,030/mo- Down payment
- $35,810
- Funds due
- $44,578
- Interest + MI left
- $459,335
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $170,190 | $170,190 | $314,190 |
| Second mortgage | — | $144,000 | — |
| First P&I | $1,004.42 | $1,004.42 | $2,128.43 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | $156.49 | $156.49 | $62.84 |
| Taxes, insurance & HOA | $447.50 | $447.50 | $447.50 |
| Total housing payment | $1,608.41 | $2,665.03 | $2,638.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,810
Closing costs & prepaids$12,109
Usable credit−$0
Total buyer cash needed$47,919
Earnest money paid−$0
Remaining funds due$47,919
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$892.50
Prepaid interest, first (5 days)$83.93
Prepaid interest, second (5 days)$157.81
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 9 moOf the original 30-year loan at 3.6%
Interest already paid$72,810Through Dec 2026
Assumption only · ends Sep 2046$89,498
Assumption + second · ends Sep 2046, second Jan 2057$325,882
New conventional · ends Jan 2057$459,335