Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,027/mo
Lowest payment- Down payment
- $174,193
- Funds due
- $183,551
- Interest + MI left
- $63,717
- First ends
- Oct 2046
Assumption
Assumption + second
$2,083/mo
+$1,057/mo- Down payment
- $30,193
- Funds due
- $40,864
- Interest + MI left
- $300,101
- First ends
- Oct 2046
New loan
New conventional
$2,105/mo
+$1,078/mo- Down payment
- $30,193
- Funds due
- $37,535
- Interest + MI left
- $407,610
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $124,807 | $124,807 | $268,807 |
| Second mortgage | — | $144,000 | — |
| First P&I | $722.09 | $722.09 | $1,861.17 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | $114.76 | $114.76 | $53.76 |
| Taxes, insurance & HOA | $190.00 | $190.00 | $190.00 |
| Total housing payment | $1,026.84 | $2,083.47 | $2,104.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,193
Closing costs & prepaids$10,672
Usable credit−$0
Total buyer cash needed$40,864
Earnest money paid−$0
Remaining funds due$40,864
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$120.00
Prepaid interest, first (2 days)$23.53
Prepaid interest, second (2 days)$63.12
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.440%
Interest already paid$50,169Through Nov 2026
Assumption only · ends Oct 2046$63,717
Assumption + second · ends Oct 2046, second Dec 2056$300,101
New conventional · ends Dec 2056$407,610