Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,601/mo
Lowest payment- Down payment
- $191,668
- Funds due
- $202,315
- Interest + MI left
- $98,936
- First ends
- Nov 2046
Assumption
Assumption + second
$2,724/mo
+$1,123/mo- Down payment
- $38,668
- Funds due
- $50,766
- Interest + MI left
- $350,093
- First ends
- Nov 2046
New loan
New conventional
$2,719/mo
+$1,118/mo- Down payment
- $38,668
- Funds due
- $47,427
- Interest + MI left
- $506,395
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $193,332 | $193,332 | $346,332 |
| Second mortgage | — | $153,000 | — |
| First P&I | $1,119.53 | $1,119.53 | $2,346.17 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | $177.70 | $177.70 | $69.27 |
| Taxes, insurance & HOA | $304.00 | $304.00 | $304.00 |
| Total housing payment | $1,601.23 | $2,723.89 | $2,719.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,668
Closing costs & prepaids$12,098
Usable credit−$0
Total buyer cash needed$50,766
Earnest money paid−$0
Remaining funds due$50,766
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$462.00
Prepaid interest, first (6 days)$109.64
Prepaid interest, second (6 days)$201.21
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 11 moOf the original 30-year loan at 3.45%
Interest already paid$77,925Through Dec 2026
Assumption only · ends Nov 2046$98,936
Assumption + second · ends Nov 2046, second Jan 2057$350,093
New conventional · ends Jan 2057$506,395