Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,301/mo
Lowest payment- Down payment
- $115,109
- Funds due
- $124,969
- Interest + MI left
- $51,387
- First ends
- Dec 2046
Assumption
Assumption + second
$2,049/mo
+$748/mo- Down payment
- $22,109
- Funds due
- $33,310
- Interest + MI left
- $227,774
- First ends
- Dec 2046
New loan
New conventional
$1,968/mo
+$667/mo- Down payment
- $22,109
- Funds due
- $30,060
- Interest + MI left
- $278,533
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $99,791 | $99,791 | $192,791 |
| Second mortgage | — | $93,000 | — |
| First P&I | $576.70 | $576.70 | $1,296.92 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | $91.42 | $91.42 | $38.56 |
| Taxes, insurance & HOA | $632.67 | $632.67 | $632.67 |
| Total housing payment | $1,300.79 | $2,049.09 | $1,968.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,109
Closing costs & prepaids$11,202
Usable credit−$0
Total buyer cash needed$33,310
Earnest money paid−$0
Remaining funds due$33,310
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,149.00
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)$548.00
Initial HOA (3 months)$900.00
Prepaid interest, first (4 days)$37.84
Prepaid interest, second (4 days)$91.73
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 closing20 yrOf the original 30-year loan at 3.46%
Interest already paid$39,926Through Dec 2026
Assumption only · ends Dec 2046$51,387
Assumption + second · ends Dec 2046, second Jan 2057$227,774
New conventional · ends Jan 2057$278,533