Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$880/mo
Lowest payment- Down payment
- $206,596
- Funds due
- $216,072
- Interest + MI left
- $51,234
- First ends
- Sep 2046
Assumption
Assumption + second
$2,172/mo
+$1,291/mo- Down payment
- $30,596
- Funds due
- $41,361
- Interest + MI left
- $340,147
- First ends
- Sep 2046
New loan
New conventional
$2,168/mo
+$1,288/mo- Down payment
- $30,596
- Funds due
- $38,012
- Interest + MI left
- $416,152
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $98,404 | $98,404 | $274,404 |
| Second mortgage | — | $176,000 | — |
| First P&I | $576.04 | $576.04 | $1,899.92 |
| Second P&I | — | $1,291.43 | — |
| Mortgage insurance | $90.42 | $90.42 | $54.88 |
| Taxes, insurance & HOA | $213.67 | $213.67 | $213.67 |
| Total housing payment | $880.12 | $2,171.54 | $2,168.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,596
Closing costs & prepaids$10,764
Usable credit−$0
Total buyer cash needed$41,361
Earnest money paid−$0
Remaining funds due$41,361
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
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)$191.00
Prepaid interest, first (1 days)$9.54
Prepaid interest, second (1 days)$38.58
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 closing19 yr 10 moOf the original 30-year loan at 3.540%
Interest already paid$41,035Through Nov 2026
Assumption only · ends Sep 2046$51,234
Assumption + second · ends Sep 2046, second Dec 2056$340,147
New conventional · ends Dec 2056$416,152