Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,336/mo
Lowest payment- Down payment
- $199,237
- Funds due
- $209,525
- Interest + MI left
- $79,332
- First ends
- Nov 2046
Assumption
Assumption + second
$2,532/mo
+$1,196/mo- Down payment
- $36,237
- Funds due
- $47,990
- Interest + MI left
- $346,906
- First ends
- Nov 2046
New loan
New conventional
$2,515/mo
+$1,180/mo- Down payment
- $36,237
- Funds due
- $44,652
- Interest + MI left
- $466,020
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $155,763 | $155,763 | $318,763 |
| Second mortgage | — | $163,000 | — |
| First P&I | $900.39 | $900.39 | $2,159.41 |
| Second P&I | — | $1,196.04 | — |
| Mortgage insurance | $143.27 | $143.27 | $63.75 |
| Taxes, insurance & HOA | $292.00 | $292.00 | $292.00 |
| Total housing payment | $1,335.66 | $2,531.70 | $2,515.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,237
Closing costs & prepaids$11,753
Usable credit−$0
Total buyer cash needed$47,990
Earnest money paid−$0
Remaining funds due$47,990
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$426.00
Prepaid interest, first (6 days)$87.82
Prepaid interest, second (6 days)$214.36
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 3.43%
Interest already paid$62,443Through Dec 2026
Assumption only · ends Nov 2046$79,332
Assumption + second · ends Nov 2046, second Jan 2057$346,906
New conventional · ends Jan 2057$466,020