Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,032/mo
Lowest payment- Down payment
- $154,326
- Funds due
- $163,496
- Interest + MI left
- $34,335
- First ends
- Mar 2041
Assumption
Assumption + second
$1,993/mo
+$961/mo- Down payment
- $23,326
- Funds due
- $33,889
- Interest + MI left
- $249,378
- First ends
- Mar 2041
New loan
New conventional
$1,796/mo
+$763/mo- Down payment
- $23,326
- Funds due
- $30,622
- Interest + MI left
- $303,800
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $76,774 | $76,774 | $207,774 |
| Second mortgage | — | $131,000 | — |
| First P&I | $599.34 | $599.34 | $1,407.53 |
| Second P&I | — | $961.23 | — |
| Mortgage insurance | $86.30 | $86.30 | $41.55 |
| Taxes, insurance & HOA | $346.42 | $346.42 | $346.42 |
| Total housing payment | $1,032.05 | $1,993.28 | $1,795.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,326
Closing costs & prepaids$10,564
Usable credit−$0
Total buyer cash needed$33,889
Earnest money paid−$0
Remaining funds due$33,889
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,311.00
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)$589.25
Prepaid interest, first (5 days)$44.70
Prepaid interest, second (5 days)$143.56
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 closing14 yr 3 moOf the original 30-year loan at 4.25%
Interest already paid$68,217Through Dec 2026
Assumption only · ends Mar 2041$34,335
Assumption + second · ends Mar 2041, second Jan 2057$249,378
New conventional · ends Jan 2057$303,800