Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,674/mo
Lowest payment- Down payment
- $172,979
- Funds due
- $183,685
- Interest + MI left
- $94,271
- First ends
- Jun 2046
Assumption
Assumption + second
$2,679/mo
+$1,005/mo- Down payment
- $35,979
- Funds due
- $48,085
- Interest + MI left
- $319,164
- First ends
- Jun 2046
New loan
New conventional
$2,637/mo
+$963/mo- Down payment
- $35,979
- Funds due
- $44,744
- Interest + MI left
- $458,942
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $176,921 | $176,921 | $313,921 |
| Second mortgage | — | $137,000 | — |
| First P&I | $1,063.38 | $1,063.38 | $2,126.61 |
| Second P&I | — | $1,005.26 | — |
| Mortgage insurance | $163.44 | $163.44 | $62.78 |
| Taxes, insurance & HOA | $447.42 | $447.42 | $447.42 |
| Total housing payment | $1,674.24 | $2,679.49 | $2,636.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,979
Closing costs & prepaids$12,106
Usable credit−$0
Total buyer cash needed$48,085
Earnest money paid−$0
Remaining funds due$48,085
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$892.25
Prepaid interest, first (5 days)$89.91
Prepaid interest, second (5 days)$150.14
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 6 moOf the original 30-year loan at 3.71%
Interest already paid$80,164Through Dec 2026
Assumption only · ends Jun 2046$94,271
Assumption + second · ends Jun 2046, second Jan 2057$319,164
New conventional · ends Jan 2057$458,942