Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,331/mo
Lowest payment- Down payment
- $237,981
- Funds due
- $248,664
- Interest + MI left
- $58,840
- First ends
- Dec 2043
Assumption
Assumption + second
$2,778/mo
+$1,447/mo- Down payment
- $35,981
- Funds due
- $48,128
- Interest + MI left
- $377,815
- First ends
- Dec 2043
New loan
New conventional
$2,638/mo
+$1,307/mo- Down payment
- $35,981
- Funds due
- $44,748
- Interest + MI left
- $459,083
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,018 | $112,018 | $314,018 |
| Second mortgage | — | $202,000 | — |
| First P&I | $772.08 | $772.08 | $2,127.27 |
| Second P&I | — | $1,447.15 | — |
| Mortgage insurance | $111.17 | $111.17 | $62.80 |
| Taxes, insurance & HOA | $447.50 | $447.50 | $447.50 |
| Total housing payment | $1,330.76 | $2,777.91 | $2,637.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,981
Closing costs & prepaids$12,147
Usable credit−$0
Total buyer cash needed$48,128
Earnest money paid−$0
Remaining funds due$48,128
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.99
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)$892.50
Prepaid interest, first (5 days)$65.22
Prepaid interest, second (5 days)$214.45
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 yrOf the original 30-year loan at 4.25%
Interest already paid$75,516Through Dec 2026
Assumption only · ends Dec 2043$58,840
Assumption + second · ends Dec 2043, second Jan 2057$377,815
New conventional · ends Jan 2057$459,083