Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,203/mo
Lowest payment- Down payment
- $205,825
- Funds due
- $216,088
- Interest + MI left
- $60,272
- First ends
- Jul 2046
Assumption
Assumption + second
$2,472/mo
+$1,269/mo- Down payment
- $32,825
- Funds due
- $44,452
- Interest + MI left
- $344,260
- First ends
- Jul 2046
New loan
New conventional
$2,404/mo
+$1,201/mo- Down payment
- $32,825
- Funds due
- $41,092
- Interest + MI left
- $413,449
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $113,175 | $113,175 | $286,175 |
| Second mortgage | — | $173,000 | — |
| First P&I | $677.09 | $677.09 | $1,925.12 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | $104.33 | $104.33 | $57.24 |
| Taxes, insurance & HOA | $421.17 | $421.17 | $421.17 |
| Total housing payment | $1,202.58 | $2,471.99 | $2,403.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,825
Closing costs & prepaids$11,627
Usable credit−$0
Total buyer cash needed$44,452
Earnest money paid−$0
Remaining funds due$44,452
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,190.00
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)$813.50
Prepaid interest, first (3 days)$34.32
Prepaid interest, second (3 days)$113.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 3 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 7 moOf the original 30-year loan at 3.69%
Interest already paid$50,527Through Dec 2026
Assumption only · ends Jul 2046$60,272
Assumption + second · ends Jul 2046, second Jan 2057$344,260
New conventional · ends Jan 2057$413,449