Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,878/mo
Lowest payment- Down payment
- $211,195
- Funds due
- $222,150
- Interest + MI left
- $125,087
- First ends
- Jan 2046
Assumption
Assumption + second
$3,096/mo
+$1,218/mo- Down payment
- $45,195
- Funds due
- $57,473
- Interest + MI left
- $397,584
- First ends
- Jan 2046
New loan
New conventional
$3,075/mo
+$1,197/mo- Down payment
- $45,195
- Funds due
- $54,012
- Interest + MI left
- $606,251
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $233,805 | $233,805 | $399,805 |
| Second mortgage | — | $166,000 | — |
| First P&I | $1,432.82 | $1,432.82 | $2,768.17 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | $217.81 | $217.81 | $79.96 |
| Taxes, insurance & HOA | $227.17 | $227.17 | $227.17 |
| Total housing payment | $1,877.80 | $3,095.85 | $3,075.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,195
Closing costs & prepaids$12,278
Usable credit−$0
Total buyer cash needed$57,473
Earnest money paid−$0
Remaining funds due$57,473
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$231.50
Prepaid interest, first (2 days)$48.68
Prepaid interest, second (2 days)$72.77
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2 moOf the original 30-year loan at 3.800%
Interest already paid$112,571Through Nov 2026
Assumption only · ends Jan 2046$125,087
Assumption + second · ends Jan 2046, second Dec 2056$397,584
New conventional · ends Dec 2056$606,251