Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,453/mo
Lowest payment- Down payment
- $198,345
- Funds due
- $208,972
- Interest + MI left
- $77,520
- First ends
- Jul 2046
Assumption
Assumption + second
$2,649/mo
+$1,196/mo- Down payment
- $35,345
- Funds due
- $47,401
- Interest + MI left
- $345,093
- First ends
- Jul 2046
New loan
New conventional
$2,602/mo
+$1,149/mo- Down payment
- $35,345
- Funds due
- $44,050
- Interest + MI left
- $452,559
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $146,555 | $146,555 | $309,555 |
| Second mortgage | — | $163,000 | — |
| First P&I | $874.52 | $874.52 | $2,097.03 |
| Second P&I | — | $1,196.04 | — |
| Mortgage insurance | $135.24 | $135.24 | $61.91 |
| Taxes, insurance & HOA | $443.17 | $443.17 | $443.17 |
| Total housing payment | $1,452.93 | $2,648.97 | $2,602.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,345
Closing costs & prepaids$12,056
Usable credit−$0
Total buyer cash needed$47,401
Earnest money paid−$0
Remaining funds due$47,401
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,449.00
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)$879.50
Prepaid interest, first (5 days)$73.48
Prepaid interest, second (5 days)$178.63
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 7 moOf the original 30-year loan at 3.66%
Interest already paid$64,937Through Dec 2026
Assumption only · ends Jul 2046$77,520
Assumption + second · ends Jul 2046, second Jan 2057$345,093
New conventional · ends Jan 2057$452,559