Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,698/mo
Lowest payment- Down payment
- $184,066
- Funds due
- $194,961
- Interest + MI left
- $94,775
- First ends
- Aug 2046
Assumption
Assumption + second
$2,777/mo
+$1,079/mo- Down payment
- $37,066
- Funds due
- $49,372
- Interest + MI left
- $336,083
- First ends
- Aug 2046
New loan
New conventional
$2,747/mo
+$1,049/mo- Down payment
- $37,066
- Funds due
- $46,024
- Interest + MI left
- $479,428
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,934 | $180,934 | $327,934 |
| Second mortgage | — | $147,000 | — |
| First P&I | $1,070.94 | $1,070.94 | $2,221.54 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | $166.85 | $166.85 | $65.59 |
| Taxes, insurance & HOA | $460.25 | $460.25 | $460.25 |
| Total housing payment | $1,698.04 | $2,776.67 | $2,747.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,066
Closing costs & prepaids$12,306
Usable credit−$0
Total buyer cash needed$49,372
Earnest money paid−$0
Remaining funds due$49,372
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$930.75
Prepaid interest, first (5 days)$89.23
Prepaid interest, second (5 days)$161.10
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 8 moOf the original 30-year loan at 3.6%
Interest already paid$78,176Through Dec 2026
Assumption only · ends Aug 2046$94,775
Assumption + second · ends Aug 2046, second Jan 2057$336,083
New conventional · ends Jan 2057$479,428