Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$535/mo
Lowest payment- Down payment
- $154,583
- Funds due
- $163,086
- Interest + MI left
- $23,297
- First ends
- Nov 2046
Assumption
Assumption + second
$1,518/mo
+$983/mo- Down payment
- $20,583
- Funds due
- $30,601
- Interest + MI left
- $243,265
- First ends
- Nov 2046
New loan
New conventional
$1,481/mo
+$946/mo- Down payment
- $20,583
- Funds due
- $27,360
- Interest + MI left
- $262,301
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $45,417 | $45,417 | $179,417 |
| Second mortgage | — | $134,000 | — |
| First P&I | $263.23 | $263.23 | $1,215.43 |
| Second P&I | — | $983.24 | — |
| Mortgage insurance | $41.73 | $41.73 | $35.88 |
| Taxes, insurance & HOA | $230.00 | $230.00 | $230.00 |
| Total housing payment | $534.96 | $1,518.21 | $1,481.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,583
Closing costs & prepaids$10,018
Usable credit−$0
Total buyer cash needed$30,601
Earnest money paid−$0
Remaining funds due$30,601
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,000.00
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)$240.00
Prepaid interest, first (9 days)$38.75
Prepaid interest, second (9 days)$264.33
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 11 moOf the original 30-year loan at 3.46%
Interest already paid$18,355Through Dec 2026
Assumption only · ends Nov 2046$23,297
Assumption + second · ends Nov 2046, second Jan 2057$243,265
New conventional · ends Jan 2057$262,301