Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,892/mo
Lowest payment- Down payment
- $172,016
- Funds due
- $183,644
- Interest + MI left
- $83,132
- First ends
- Dec 2046
Assumption
Assumption + second
$2,904/mo
+$1,013/mo- Down payment
- $34,016
- Funds due
- $47,076
- Interest + MI left
- $309,666
- First ends
- Dec 2046
New loan
New conventional
$2,903/mo
+$1,011/mo- Down payment
- $34,016
- Funds due
- $43,767
- Interest + MI left
- $440,028
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $162,984 | $162,984 | $300,984 |
| Second mortgage | — | $138,000 | — |
| First P&I | $938.55 | $938.55 | $2,038.97 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | $149.53 | $149.53 | $60.20 |
| Taxes, insurance & HOA | $803.75 | $803.75 | $803.75 |
| Total housing payment | $1,891.84 | $2,904.43 | $2,902.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,016
Closing costs & prepaids$13,059
Usable credit−$0
Total buyer cash needed$47,076
Earnest money paid−$0
Remaining funds due$47,076
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$854.25
Initial HOA (3 months)$1,107.00
Prepaid interest, first (6 days)$91.63
Prepaid interest, second (6 days)$181.48
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing20 yrOf the original 30-year loan at 3.42%
Interest already paid$64,505Through Dec 2026
Assumption only · ends Dec 2046$83,132
Assumption + second · ends Dec 2046, second Jan 2057$309,666
New conventional · ends Jan 2057$440,028