Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$949/mo
Lowest payment- Down payment
- $175,600
- Funds due
- $184,837
- Interest + MI left
- $57,436
- First ends
- Jul 2046
Assumption
Assumption + second
$2,028/mo
+$1,079/mo- Down payment
- $28,600
- Funds due
- $39,119
- Interest + MI left
- $298,745
- First ends
- Jul 2046
New loan
New conventional
$2,027/mo
+$1,078/mo- Down payment
- $28,600
- Funds due
- $35,792
- Interest + MI left
- $388,848
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $109,400 | $109,400 | $256,400 |
| Second mortgage | — | $147,000 | — |
| First P&I | $648.09 | $648.09 | $1,775.26 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | $100.85 | $100.85 | $51.28 |
| Taxes, insurance & HOA | $200.42 | $200.42 | $200.42 |
| Total housing payment | $949.36 | $2,027.99 | $2,026.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,600
Closing costs & prepaids$10,519
Usable credit−$0
Total buyer cash needed$39,119
Earnest money paid−$0
Remaining funds due$39,119
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$151.25
Prepaid interest, first (1 days)$10.82
Prepaid interest, second (1 days)$32.22
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 8 moOf the original 30-year loan at 3.610%
Interest already paid$47,390Through Nov 2026
Assumption only · ends Jul 2046$57,436
Assumption + second · ends Jul 2046, second Dec 2056$298,745
New conventional · ends Dec 2056$388,848