Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$823/mo
Lowest payment- Down payment
- $200,818
- Funds due
- $210,327
- Interest + MI left
- $23,178
- First ends
- Jan 2043
Assumption
Assumption + second
$2,100/mo
+$1,277/mo- Down payment
- $26,818
- Funds due
- $37,768
- Interest + MI left
- $308,808
- First ends
- Jan 2043
New loan
New conventional
$1,995/mo
+$1,172/mo- Down payment
- $26,818
- Funds due
- $34,463
- Interest + MI left
- $340,419
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $58,882 | $58,882 | $232,882 |
| Second mortgage | — | $174,000 | — |
| First P&I | $388.40 | $388.40 | $1,577.62 |
| Second P&I | — | $1,276.75 | — |
| Mortgage insurance | $64.26 | $64.26 | $46.58 |
| Taxes, insurance & HOA | $370.75 | $370.75 | $370.75 |
| Total housing payment | $823.42 | $2,100.17 | $1,994.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,818
Closing costs & prepaids$10,950
Usable credit−$0
Total buyer cash needed$37,768
Earnest money paid−$0
Remaining funds due$37,768
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,597.00
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)$662.25
Prepaid interest, first (5 days)$25.17
Prepaid interest, second (5 days)$190.68
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 closing16 yr 1 moOf the original 30-year loan at 3.12%
Interest already paid$33,019Through Dec 2026
Assumption only · ends Jan 2043$23,178
Assumption + second · ends Jan 2043, second Jan 2057$308,808
New conventional · ends Jan 2057$340,419