Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,037/mo
Lowest payment- Down payment
- $180,420
- Funds due
- $189,919
- Interest + MI left
- $61,234
- First ends
- Nov 2046
Assumption
Assumption + second
$2,137/mo
+$1,101/mo- Down payment
- $30,420
- Funds due
- $41,202
- Interest + MI left
- $307,467
- First ends
- Nov 2046
New loan
New conventional
$2,158/mo
+$1,121/mo- Down payment
- $30,420
- Funds due
- $37,858
- Interest + MI left
- $408,631
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $119,480 | $119,480 | $269,480 |
| Second mortgage | — | $150,000 | — |
| First P&I | $689.26 | $689.26 | $1,865.83 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | $109.54 | $109.54 | $53.90 |
| Taxes, insurance & HOA | $238.00 | $238.00 | $238.00 |
| Total housing payment | $1,036.80 | $2,137.45 | $2,157.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,420
Closing costs & prepaids$10,782
Usable credit−$0
Total buyer cash needed$41,202
Earnest money paid−$0
Remaining funds due$41,202
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)$264.00
Prepaid interest, first (1 days)$11.26
Prepaid interest, second (1 days)$32.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.440%
Interest already paid$47,546Through Nov 2026
Assumption only · ends Nov 2046$61,234
Assumption + second · ends Nov 2046, second Dec 2056$307,467
New conventional · ends Dec 2056$408,631