Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$687/mo
Lowest payment- Down payment
- $61,957
- Funds due
- $69,789
- Interest + MI left
- $33,441
- First ends
- Jun 2046
Assumption
Assumption + second
$1,081/mo
+$394/mo- Down payment
- $12,957
- Funds due
- $22,148
- Interest + MI left
- $126,376
- First ends
- Jun 2046
New loan
New conventional
$1,031/mo
+$345/mo- Down payment
- $12,957
- Funds due
- $19,001
- Interest + MI left
- $163,781
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $63,043 | $63,043 | $112,043 |
| Second mortgage | — | $49,000 | — |
| First P&I | $378.26 | $378.26 | $759.02 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | $58.28 | $58.28 | $22.41 |
| Taxes, insurance & HOA | $250.00 | $250.00 | $250.00 |
| Total housing payment | $686.55 | $1,080.81 | $1,031.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,957
Closing costs & prepaids$9,191
Usable credit−$0
Total buyer cash needed$22,148
Earnest money paid−$0
Remaining funds due$22,148
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,250.00
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)$150.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$57.36
Prepaid interest, second (9 days)$108.74
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 6 moOf the original 30-year loan at 3.69%
Interest already paid$28,422Through Dec 2026
Assumption only · ends Jun 2046$33,441
Assumption + second · ends Jun 2046, second Jan 2057$126,376
New conventional · ends Jan 2057$163,781