Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,190/mo
Lowest payment- Down payment
- $112,679
- Funds due
- $122,475
- Interest + MI left
- $34,511
- First ends
- Sep 2046
Assumption
Assumption + second
$1,946/mo
+$756/mo- Down payment
- $18,679
- Funds due
- $29,772
- Interest + MI left
- $212,795
- First ends
- Sep 2046
New loan
New conventional
$1,885/mo
+$695/mo- Down payment
- $18,679
- Funds due
- $26,542
- Interest + MI left
- $244,438
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $67,221 | $67,221 | $161,221 |
| Second mortgage | — | $94,000 | — |
| First P&I | $391.43 | $391.43 | $1,116.26 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | $61.90 | $61.90 | $32.24 |
| Taxes, insurance & HOA | $736.67 | $736.67 | $736.67 |
| Total housing payment | $1,190.00 | $1,946.34 | $1,885.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,679
Closing costs & prepaids$11,093
Usable credit−$0
Total buyer cash needed$29,772
Earnest money paid−$0
Remaining funds due$29,772
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,799.00
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)$455.00
Initial HOA (3 months)$1,305.00
Prepaid interest, first (2 days)$12.82
Prepaid interest, second (2 days)$46.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 10 moOf the original 30-year loan at 3.480%
Interest already paid$27,589Through Nov 2026
Assumption only · ends Sep 2046$34,511
Assumption + second · ends Sep 2046, second Dec 2056$212,795
New conventional · ends Dec 2056$244,438