Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$657/mo
Lowest payment- Down payment
- $120,513
- Funds due
- $128,974
- Interest + MI left
- $25,579
- First ends
- Dec 2046
Assumption
Assumption + second
$1,413/mo
+$756/mo- Down payment
- $17,513
- Funds due
- $27,246
- Interest + MI left
- $194,658
- First ends
- Dec 2046
New loan
New conventional
$1,413/mo
+$756/mo- Down payment
- $17,513
- Funds due
- $24,025
- Interest + MI left
- $231,196
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $49,487 | $49,487 | $152,487 |
| Second mortgage | — | $103,000 | — |
| First P&I | $285.17 | $285.17 | $1,055.79 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | $45.21 | $45.21 | $30.50 |
| Taxes, insurance & HOA | $327.08 | $327.08 | $327.08 |
| Total housing payment | $657.46 | $1,413.23 | $1,413.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,513
Closing costs & prepaids$9,734
Usable credit−$0
Total buyer cash needed$27,246
Earnest money paid−$0
Remaining funds due$27,246
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,700.00
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)$174.25
Initial HOA (3 months)$357.00
Prepaid interest, first (1 days)$4.69
Prepaid interest, second (1 days)$22.58
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 closing20 yr 1 moOf the original 30-year loan at 3.460%
Interest already paid$19,600Through Nov 2026
Assumption only · ends Dec 2046$25,579
Assumption + second · ends Dec 2046, second Dec 2056$194,658
New conventional · ends Dec 2056$231,196