Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$933/mo
Lowest payment- Down payment
- $167,201
- Funds due
- $176,483
- Interest + MI left
- $51,877
- First ends
- Jun 2046
Assumption
Assumption + second
$1,960/mo
+$1,027/mo- Down payment
- $27,201
- Funds due
- $38,009
- Interest + MI left
- $281,695
- First ends
- Jun 2046
New loan
New conventional
$1,914/mo
+$981/mo- Down payment
- $27,201
- Funds due
- $34,743
- Interest + MI left
- $347,654
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $97,799 | $97,799 | $237,799 |
| Second mortgage | — | $140,000 | — |
| First P&I | $586.81 | $586.81 | $1,610.93 |
| Second P&I | — | $1,027.27 | — |
| Mortgage insurance | $90.42 | $90.42 | $47.56 |
| Taxes, insurance & HOA | $256.00 | $256.00 | $256.00 |
| Total housing payment | $933.22 | $1,960.49 | $1,914.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,201
Closing costs & prepaids$10,808
Usable credit−$0
Total buyer cash needed$38,009
Earnest money paid−$0
Remaining funds due$38,009
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$318.00
Prepaid interest, first (9 days)$88.98
Prepaid interest, second (9 days)$276.16
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$44,092Through Dec 2026
Assumption only · ends Jun 2046$51,877
Assumption + second · ends Jun 2046, second Jan 2057$281,695
New conventional · ends Jan 2057$347,654