Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,061/mo
Lowest payment- Down payment
- $57,646
- Funds due
- $66,059
- Interest + MI left
- $58,395
- First ends
- Aug 2046
Assumption
Assumption + second
$1,383/mo
+$322/mo- Down payment
- $17,646
- Funds due
- $27,358
- Interest + MI left
- $134,260
- First ends
- Aug 2046
New loan
New conventional
$1,356/mo
+$296/mo- Down payment
- $17,646
- Funds due
- $24,177
- Interest + MI left
- $222,560
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,254 | $112,254 | $152,254 |
| Second mortgage | — | $40,000 | — |
| First P&I | $662.69 | $662.69 | $1,031.42 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | $103.63 | $103.63 | $30.45 |
| Taxes, insurance & HOA | $294.42 | $294.42 | $294.42 |
| Total housing payment | $1,060.73 | $1,382.58 | $1,356.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,646
Closing costs & prepaids$9,711
Usable credit−$0
Total buyer cash needed$27,358
Earnest money paid−$0
Remaining funds due$27,358
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,699.00
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)$433.25
Prepaid interest, first (5 days)$54.90
Prepaid interest, second (5 days)$49.32
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 8 moOf the original 30-year loan at 3.57%
Interest already paid$48,126Through Dec 2026
Assumption only · ends Aug 2046$58,395
Assumption + second · ends Aug 2046, second Jan 2057$134,260
New conventional · ends Jan 2057$222,560