Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,283/mo
Lowest payment- Down payment
- $168,869
- Funds due
- $178,921
- Interest + MI left
- $67,633
- First ends
- Dec 2046
Assumption
Assumption + second
$2,295/mo
+$1,013/mo- Down payment
- $30,869
- Funds due
- $42,322
- Interest + MI left
- $294,167
- First ends
- Dec 2046
New loan
New conventional
$2,281/mo
+$998/mo- Down payment
- $30,869
- Funds due
- $39,014
- Interest + MI left
- $393,314
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $131,031 | $131,031 | $269,031 |
| Second mortgage | — | $138,000 | — |
| First P&I | $757.91 | $757.91 | $1,822.51 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | $120.00 | $120.00 | $53.81 |
| Taxes, insurance & HOA | $404.92 | $404.92 | $404.92 |
| Total housing payment | $1,282.82 | $2,295.42 | $2,281.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,869
Closing costs & prepaids$11,452
Usable credit−$0
Total buyer cash needed$42,322
Earnest money paid−$0
Remaining funds due$42,322
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$764.75
Prepaid interest, first (5 days)$62.28
Prepaid interest, second (5 days)$151.23
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 closing20 yrOf the original 30-year loan at 3.47%
Interest already paid$52,566Through Dec 2026
Assumption only · ends Dec 2046$67,633
Assumption + second · ends Dec 2046, second Jan 2057$294,167
New conventional · ends Jan 2057$393,314