Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,419/mo
Lowest payment- Down payment
- $196,362
- Funds due
- $206,911
- Interest + MI left
- $75,535
- First ends
- Sep 2046
Assumption
Assumption + second
$2,607/mo
+$1,189/mo- Down payment
- $34,362
- Funds due
- $46,303
- Interest + MI left
- $341,466
- First ends
- Sep 2046
New loan
New conventional
$2,556/mo
+$1,137/mo- Down payment
- $34,362
- Funds due
- $42,949
- Interest + MI left
- $441,629
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $143,638 | $143,638 | $305,638 |
| Second mortgage | — | $162,000 | — |
| First P&I | $847.71 | $847.71 | $2,056.05 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | $132.07 | $132.07 | $61.13 |
| Taxes, insurance & HOA | $439.00 | $439.00 | $439.00 |
| Total housing payment | $1,418.79 | $2,607.49 | $2,556.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,362
Closing costs & prepaids$11,941
Usable credit−$0
Total buyer cash needed$46,303
Earnest money paid−$0
Remaining funds due$46,303
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$867.00
Prepaid interest, first (4 days)$56.67
Prepaid interest, second (4 days)$142.03
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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$61,451Through Dec 2026
Assumption only · ends Sep 2046$75,535
Assumption + second · ends Sep 2046, second Jan 2057$341,466
New conventional · ends Jan 2057$441,629