Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$916/mo
Lowest payment- Down payment
- $166,915
- Funds due
- $176,068
- Interest + MI left
- $52,235
- First ends
- Jun 2046
Assumption
Assumption + second
$1,944/mo
+$1,027/mo- Down payment
- $26,915
- Funds due
- $37,348
- Interest + MI left
- $282,053
- First ends
- Jun 2046
New loan
New conventional
$1,935/mo
+$1,019/mo- Down payment
- $26,915
- Funds due
- $34,036
- Interest + MI left
- $361,024
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $98,085 | $98,085 | $238,085 |
| Second mortgage | — | $140,000 | — |
| First P&I | $586.81 | $586.81 | $1,648.45 |
| Second P&I | — | $1,027.27 | — |
| Mortgage insurance | $90.42 | $90.42 | $47.62 |
| Taxes, insurance & HOA | $239.08 | $239.08 | $239.08 |
| Total housing payment | $916.31 | $1,943.58 | $1,935.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,915
Closing costs & prepaids$10,433
Usable credit−$0
Total buyer cash needed$37,348
Earnest money paid−$0
Remaining funds due$37,348
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$267.25
Prepaid interest, first (1 days)$9.92
Prepaid interest, second (1 days)$30.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 30-year loan at 3.690%
Interest already paid$43,790Through Nov 2026
Assumption only · ends Jun 2046$52,235
Assumption + second · ends Jun 2046, second Dec 2056$282,053
New conventional · ends Dec 2056$361,024