Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,209/mo
Lowest payment- Down payment
- $168,721
- Funds due
- $178,893
- Interest + MI left
- $47,728
- First ends
- Jun 2046
Assumption
Assumption + second
$2,251/mo
+$1,042/mo- Down payment
- $26,721
- Funds due
- $38,330
- Interest + MI left
- $280,828
- First ends
- Jun 2046
New loan
New conventional
$2,204/mo
+$995/mo- Down payment
- $26,721
- Funds due
- $35,046
- Interest + MI left
- $339,391
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $90,179 | $90,179 | $232,179 |
| Second mortgage | — | $142,000 | — |
| First P&I | $540.62 | $540.62 | $1,572.86 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | $83.40 | $83.40 | $46.44 |
| Taxes, insurance & HOA | $584.58 | $584.58 | $584.58 |
| Total housing payment | $1,208.60 | $2,250.55 | $2,203.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,721
Closing costs & prepaids$11,609
Usable credit−$0
Total buyer cash needed$38,330
Earnest money paid−$0
Remaining funds due$38,330
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,589.00
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)$310.75
Initial HOA (3 months)$993.00
Prepaid interest, first (6 days)$54.55
Prepaid interest, second (6 days)$186.74
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 6 moOf the original 30-year loan at 3.68%
Interest already paid$40,554Through Dec 2026
Assumption only · ends Jun 2046$47,728
Assumption + second · ends Jun 2046, second Jan 2057$280,828
New conventional · ends Jan 2057$339,391