Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$475/mo
Lowest payment- Down payment
- $154,451
- Funds due
- $162,740
- Interest + MI left
- $23,455
- First ends
- Nov 2046
Assumption
Assumption + second
$1,458/mo
+$983/mo- Down payment
- $20,451
- Funds due
- $30,020
- Interest + MI left
- $243,423
- First ends
- Nov 2046
New loan
New conventional
$1,449/mo
+$974/mo- Down payment
- $20,451
- Funds due
- $26,768
- Interest + MI left
- $272,262
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $45,549 | $45,549 | $179,549 |
| Second mortgage | — | $134,000 | — |
| First P&I | $263.23 | $263.23 | $1,243.16 |
| Second P&I | — | $983.24 | — |
| Mortgage insurance | $41.73 | $41.73 | $35.91 |
| Taxes, insurance & HOA | $170.08 | $170.08 | $170.08 |
| Total housing payment | $475.05 | $1,458.29 | $1,449.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,451
Closing costs & prepaids$9,569
Usable credit−$0
Total buyer cash needed$30,020
Earnest money paid−$0
Remaining funds due$30,020
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,000.00
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)$60.25
Prepaid interest, first (1 days)$4.32
Prepaid interest, second (1 days)$29.37
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 yrOf the original 30-year loan at 3.460%
Interest already paid$18,224Through Nov 2026
Assumption only · ends Nov 2046$23,455
Assumption + second · ends Nov 2046, second Dec 2056$243,423
New conventional · ends Dec 2056$272,262