Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,355/mo
Lowest payment- Down payment
- $75,967
- Funds due
- $85,476
- Interest + MI left
- $57,843
- First ends
- Nov 2046
Assumption
Assumption + second
$1,814/mo
+$459/mo- Down payment
- $18,967
- Funds due
- $29,796
- Interest + MI left
- $165,952
- First ends
- Nov 2046
New loan
New conventional
$1,783/mo
+$427/mo- Down payment
- $18,967
- Funds due
- $26,600
- Interest + MI left
- $248,616
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $113,033 | $113,033 | $170,033 |
| Second mortgage | — | $57,000 | — |
| First P&I | $654.54 | $654.54 | $1,151.86 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $103.89 | $103.89 | $34.01 |
| Taxes, insurance & HOA | $596.67 | $596.67 | $596.67 |
| Total housing payment | $1,355.10 | $1,813.74 | $1,782.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,967
Closing costs & prepaids$10,829
Usable credit−$0
Total buyer cash needed$29,796
Earnest money paid−$0
Remaining funds due$29,796
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,890.00
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)$482.00
Initial HOA (3 months)$858.00
Prepaid interest, first (5 days)$53.42
Prepaid interest, second (5 days)$70.27
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 11 moOf the original 30-year loan at 3.45%
Interest already paid$45,559Through Dec 2026
Assumption only · ends Nov 2046$57,843
Assumption + second · ends Nov 2046, second Jan 2057$165,952
New conventional · ends Jan 2057$248,616