Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,373/mo
Lowest payment- Down payment
- $190,460
- Funds due
- $200,642
- Interest + MI left
- $64,200
- First ends
- Sep 2043
Assumption
Assumption + second
$2,540/mo
+$1,167/mo- Down payment
- $31,460
- Funds due
- $43,066
- Interest + MI left
- $325,207
- First ends
- Sep 2043
New loan
New conventional
$2,352/mo
+$979/mo- Down payment
- $31,460
- Funds due
- $39,728
- Interest + MI left
- $406,485
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $119,040 | $119,040 | $278,040 |
| Second mortgage | — | $159,000 | — |
| First P&I | $841.80 | $841.80 | $1,883.54 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | $118.24 | $118.24 | $55.61 |
| Taxes, insurance & HOA | $413.08 | $413.08 | $413.08 |
| Total housing payment | $1,373.11 | $2,539.80 | $2,352.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,460
Closing costs & prepaids$11,606
Usable credit−$0
Total buyer cash needed$43,066
Earnest money paid−$0
Remaining funds due$43,066
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,095.00
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)$789.25
Prepaid interest, first (5 days)$72.73
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 closing16 yr 9 moOf the original 30-year loan at 4.46%
Interest already paid$85,966Through Dec 2026
Assumption only · ends Sep 2043$64,200
Assumption + second · ends Sep 2043, second Jan 2057$325,207
New conventional · ends Jan 2057$406,485