Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,312/mo
Lowest payment- Down payment
- $197,052
- Funds due
- $207,399
- Interest + MI left
- $68,308
- First ends
- Jul 2046
Assumption
Assumption + second
$2,515/mo
+$1,203/mo- Down payment
- $33,052
- Funds due
- $44,756
- Interest + MI left
- $337,522
- First ends
- Jul 2046
New loan
New conventional
$2,451/mo
+$1,139/mo- Down payment
- $33,052
- Funds due
- $41,400
- Interest + MI left
- $422,305
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $128,264 | $128,264 | $292,264 |
| Second mortgage | — | $164,000 | — |
| First P&I | $767.36 | $767.36 | $1,966.08 |
| Second P&I | — | $1,203.37 | — |
| Mortgage insurance | $118.24 | $118.24 | $58.45 |
| Taxes, insurance & HOA | $426.50 | $426.50 | $426.50 |
| Total housing payment | $1,312.10 | $2,515.47 | $2,451.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,052
Closing costs & prepaids$11,704
Usable credit−$0
Total buyer cash needed$44,756
Earnest money paid−$0
Remaining funds due$44,756
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,253.16
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)$829.50
Prepaid interest, first (3 days)$38.90
Prepaid interest, second (3 days)$107.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 3 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 7 moOf the original 30-year loan at 3.69%
Interest already paid$57,264Through Dec 2026
Assumption only · ends Jul 2046$68,308
Assumption + second · ends Jul 2046, second Jan 2057$337,522
New conventional · ends Jan 2057$422,305