Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,165/mo
Lowest payment- Down payment
- $215,139
- Funds due
- $225,406
- Interest + MI left
- $62,159
- First ends
- Jul 2046
Assumption
Assumption + second
$2,493/mo
+$1,328/mo- Down payment
- $34,139
- Funds due
- $46,013
- Interest + MI left
- $359,280
- First ends
- Jul 2046
New loan
New conventional
$2,440/mo
+$1,275/mo- Down payment
- $34,139
- Funds due
- $42,689
- Interest + MI left
- $438,386
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,861 | $118,861 | $299,861 |
| Second mortgage | — | $181,000 | — |
| First P&I | $706.20 | $706.20 | $2,031.36 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | $109.89 | $109.89 | $59.97 |
| Taxes, insurance & HOA | $348.58 | $348.58 | $348.58 |
| Total housing payment | $1,164.67 | $2,492.79 | $2,439.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,139
Closing costs & prepaids$11,874
Usable credit−$0
Total buyer cash needed$46,013
Earnest money paid−$0
Remaining funds due$46,013
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,340.00
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)$400.75
Initial HOA (3 months)$195.00
Prepaid interest, first (9 days)$105.80
Prepaid interest, second (9 days)$357.04
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.61%
Interest already paid$51,998Through Dec 2026
Assumption only · ends Jul 2046$62,159
Assumption + second · ends Jul 2046, second Jan 2057$359,280
New conventional · ends Jan 2057$438,386