Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,759/mo
Lowest payment- Down payment
- $210,729
- Funds due
- $222,063
- Interest + MI left
- $96,806
- First ends
- Nov 2046
Assumption
Assumption + second
$3,007/mo
+$1,247/mo- Down payment
- $40,729
- Funds due
- $53,499
- Interest + MI left
- $375,870
- First ends
- Nov 2046
New loan
New conventional
$2,995/mo
+$1,236/mo- Down payment
- $40,729
- Funds due
- $50,119
- Interest + MI left
- $525,096
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,171 | $189,171 | $359,171 |
| Second mortgage | — | $170,000 | — |
| First P&I | $1,095.43 | $1,095.43 | $2,433.15 |
| Second P&I | — | $1,247.40 | — |
| Mortgage insurance | $173.88 | $173.88 | $71.83 |
| Taxes, insurance & HOA | $489.92 | $489.92 | $489.92 |
| Total housing payment | $1,759.23 | $3,006.63 | $2,994.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,729
Closing costs & prepaids$12,769
Usable credit−$0
Total buyer cash needed$53,499
Earnest money paid−$0
Remaining funds due$53,499
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$1,019.75
Prepaid interest, first (5 days)$89.40
Prepaid interest, second (5 days)$186.30
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$76,247Through Dec 2026
Assumption only · ends Nov 2046$96,806
Assumption + second · ends Nov 2046, second Jan 2057$375,870
New conventional · ends Jan 2057$525,096