Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,659/mo
Lowest payment- Down payment
- $163,214
- Funds due
- $173,734
- Interest + MI left
- $93,352
- First ends
- Jan 2046
Assumption
Assumption + second
$2,605/mo
+$947/mo- Down payment
- $34,214
- Funds due
- $46,126
- Interest + MI left
- $305,112
- First ends
- Jan 2046
New loan
New conventional
$2,533/mo
+$874/mo- Down payment
- $34,214
- Funds due
- $42,797
- Interest + MI left
- $439,739
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $171,786 | $171,786 | $300,786 |
| Second mortgage | — | $129,000 | — |
| First P&I | $1,063.89 | $1,063.89 | $2,037.63 |
| Second P&I | — | $946.56 | — |
| Mortgage insurance | $159.97 | $159.97 | $60.16 |
| Taxes, insurance & HOA | $434.75 | $434.75 | $434.75 |
| Total housing payment | $1,658.61 | $2,605.17 | $2,532.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,214
Closing costs & prepaids$11,912
Usable credit−$0
Total buyer cash needed$46,126
Earnest money paid−$0
Remaining funds due$46,126
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$854.25
Prepaid interest, first (5 days)$91.54
Prepaid interest, second (5 days)$141.37
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 1 moOf the original 30-year loan at 3.89%
Interest already paid$85,322Through Dec 2026
Assumption only · ends Jan 2046$93,352
Assumption + second · ends Jan 2046, second Jan 2057$305,112
New conventional · ends Jan 2057$439,739