Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,186/mo
Lowest payment- Down payment
- $185,825
- Funds due
- $195,849
- Interest + MI left
- $60,272
- First ends
- Jul 2046
Assumption
Assumption + second
$2,323/mo
+$1,137/mo- Down payment
- $30,825
- Funds due
- $42,234
- Interest + MI left
- $314,712
- First ends
- Jul 2046
New loan
New conventional
$2,262/mo
+$1,076/mo- Down payment
- $30,825
- Funds due
- $38,903
- Interest + MI left
- $387,444
- 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 | $268,175 |
| Second mortgage | — | $155,000 | — |
| First P&I | $677.09 | $677.09 | $1,804.03 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | $104.33 | $104.33 | $53.64 |
| Taxes, insurance & HOA | $404.17 | $404.17 | $404.17 |
| Total housing payment | $1,185.58 | $2,322.91 | $2,261.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,825
Closing costs & prepaids$11,409
Usable credit−$0
Total buyer cash needed$42,234
Earnest money paid−$0
Remaining funds due$42,234
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$762.50
Prepaid interest, first (4 days)$45.77
Prepaid interest, second (4 days)$135.89
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 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$314,712
New conventional · ends Jan 2057$387,444