Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,246/mo
Lowest payment- Down payment
- $188,973
- Funds due
- $199,016
- Interest + MI left
- $61,812
- First ends
- Nov 2044
Assumption
Assumption + second
$2,413/mo
+$1,167/mo- Down payment
- $29,973
- Funds due
- $41,440
- Interest + MI left
- $322,819
- First ends
- Nov 2044
New loan
New conventional
$2,280/mo
+$1,034/mo- Down payment
- $29,973
- Funds due
- $38,115
- Interest + MI left
- $393,362
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $110,027 | $110,027 | $269,027 |
| Second mortgage | — | $159,000 | — |
| First P&I | $737.13 | $737.13 | $1,822.48 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | $105.01 | $105.01 | $53.81 |
| Taxes, insurance & HOA | $404.17 | $404.17 | $404.17 |
| Total housing payment | $1,246.30 | $2,412.99 | $2,280.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,973
Closing costs & prepaids$11,467
Usable credit−$0
Total buyer cash needed$41,440
Earnest money paid−$0
Remaining funds due$41,440
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$762.50
Prepaid interest, first (5 days)$65.41
Prepaid interest, second (5 days)$174.25
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing17 yr 11 moOf the original 30-year loan at 4.34%
Interest already paid$68,662Through Dec 2026
Assumption only · ends Nov 2044$61,812
Assumption + second · ends Nov 2044, second Jan 2057$322,819
New conventional · ends Jan 2057$393,362