Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,459/mo
Lowest payment- Down payment
- $198,463
- Funds due
- $209,166
- Interest + MI left
- $77,293
- First ends
- Dec 2046
Assumption
Assumption + second
$2,655/mo
+$1,196/mo- Down payment
- $35,463
- Funds due
- $47,631
- Interest + MI left
- $344,866
- First ends
- Dec 2046
New loan
New conventional
$2,641/mo
+$1,182/mo- Down payment
- $35,463
- Funds due
- $44,297
- Interest + MI left
- $459,905
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $151,537 | $151,537 | $314,537 |
| Second mortgage | — | $163,000 | — |
| First P&I | $872.63 | $872.63 | $2,130.78 |
| Second P&I | — | $1,196.04 | — |
| Mortgage insurance | $139.03 | $139.03 | $62.91 |
| Taxes, insurance & HOA | $447.50 | $447.50 | $447.50 |
| Total housing payment | $1,459.16 | $2,655.20 | $2,641.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,463
Closing costs & prepaids$12,167
Usable credit−$0
Total buyer cash needed$47,631
Earnest money paid−$0
Remaining funds due$47,631
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$892.50
Prepaid interest, first (6 days)$85.19
Prepaid interest, second (6 days)$214.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 3.42%
Interest already paid$59,975Through Dec 2026
Assumption only · ends Dec 2046$77,293
Assumption + second · ends Dec 2046, second Jan 2057$344,866
New conventional · ends Jan 2057$459,905