Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$479/mo
Lowest payment- Down payment
- $100,950
- Funds due
- $108,719
- Interest + MI left
- $23,043
- First ends
- Sep 2046
Assumption
Assumption + second
$1,171/mo
+$692/mo- Down payment
- $14,950
- Funds due
- $23,990
- Interest + MI left
- $186,154
- First ends
- Sep 2046
New loan
New conventional
$1,106/mo
+$627/mo- Down payment
- $14,950
- Funds due
- $20,792
- Interest + MI left
- $197,026
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $43,950 | $43,950 | $129,950 |
| Second mortgage | — | $86,000 | — |
| First P&I | $257.96 | $257.96 | $899.75 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | $40.34 | $40.34 | $25.99 |
| Taxes, insurance & HOA | $180.33 | $180.33 | $180.33 |
| Total housing payment | $478.63 | $1,170.60 | $1,106.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,950
Closing costs & prepaids$9,041
Usable credit−$0
Total buyer cash needed$23,990
Earnest money paid−$0
Remaining funds due$23,990
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,449.00
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)$91.00
Prepaid interest, first (1 days)$4.30
Prepaid interest, second (1 days)$21.21
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 10 moOf the original 30-year loan at 3.570%
Interest already paid$18,472Through Nov 2026
Assumption only · ends Sep 2046$23,043
Assumption + second · ends Sep 2046, second Dec 2056$186,154
New conventional · ends Dec 2056$197,026