Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,077/mo
Lowest payment- Down payment
- $100,565
- Funds due
- $109,380
- Interest + MI left
- $63,283
- First ends
- Oct 2046
Assumption
Assumption + second
$1,704/mo
+$628/mo- Down payment
- $22,565
- Funds due
- $32,745
- Interest + MI left
- $211,221
- First ends
- Oct 2046
New loan
New conventional
$1,652/mo
+$575/mo- Down payment
- $22,565
- Funds due
- $29,523
- Interest + MI left
- $295,993
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $124,435 | $124,435 | $202,435 |
| Second mortgage | — | $78,000 | — |
| First P&I | $722.04 | $722.04 | $1,371.37 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | $114.75 | $114.75 | $40.49 |
| Taxes, insurance & HOA | $240.00 | $240.00 | $240.00 |
| Total housing payment | $1,076.79 | $1,704.40 | $1,651.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,565
Closing costs & prepaids$10,181
Usable credit−$0
Total buyer cash needed$32,745
Earnest money paid−$0
Remaining funds due$32,745
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$270.00
Prepaid interest, first (6 days)$70.37
Prepaid interest, second (6 days)$115.40
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 10 moOf the original 30-year loan at 3.44%
Interest already paid$50,524Through Dec 2026
Assumption only · ends Oct 2046$63,283
Assumption + second · ends Oct 2046, second Jan 2057$211,221
New conventional · ends Jan 2057$295,993