Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,147/mo
Lowest payment- Down payment
- $151,906
- Funds due
- $163,658
- Interest + MI left
- $99,217
- First ends
- Feb 2046
Assumption
Assumption + second
$3,013/mo
+$866/mo- Down payment
- $33,906
- Funds due
- $47,037
- Interest + MI left
- $292,920
- First ends
- Feb 2046
New loan
New conventional
$2,958/mo
+$811/mo- Down payment
- $33,906
- Funds due
- $43,723
- Interest + MI left
- $446,098
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,094 | $187,094 | $305,094 |
| Second mortgage | — | $118,000 | — |
| First P&I | $1,142.69 | $1,142.69 | $2,066.81 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | $174.56 | $174.56 | $61.02 |
| Taxes, insurance & HOA | $830.17 | $830.17 | $830.17 |
| Total housing payment | $2,147.42 | $3,013.26 | $2,958.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,906
Closing costs & prepaids$13,131
Usable credit−$0
Total buyer cash needed$47,037
Earnest money paid−$0
Remaining funds due$47,037
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$864.50
Initial HOA (3 months)$1,176.00
Prepaid interest, first (5 days)$96.37
Prepaid interest, second (5 days)$129.32
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 2 moOf the original 30-year loan at 3.76%
Interest already paid$89,206Through Dec 2026
Assumption only · ends Feb 2046$99,217
Assumption + second · ends Feb 2046, second Jan 2057$292,920
New conventional · ends Jan 2057$446,098