Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,852/mo
Lowest payment- Down payment
- $202,733
- Funds due
- $213,211
- Interest + MI left
- $68,009
- First ends
- Nov 2038
Assumption
Assumption + second
$3,092/mo
+$1,240/mo- Down payment
- $33,733
- Funds due
- $45,646
- Interest + MI left
- $345,431
- First ends
- Nov 2038
New loan
New conventional
$2,496/mo
+$644/mo- Down payment
- $33,733
- Funds due
- $42,252
- Interest + MI left
- $432,986
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $127,167 | $127,167 | $296,167 |
| Second mortgage | — | $169,000 | — |
| First P&I | $1,278.01 | $1,278.01 | $2,006.34 |
| Second P&I | — | $1,240.06 | — |
| Mortgage insurance | $143.67 | $143.67 | $59.23 |
| Taxes, insurance & HOA | $430.42 | $430.42 | $430.42 |
| Total housing payment | $1,852.09 | $3,092.15 | $2,495.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,733
Closing costs & prepaids$11,913
Usable credit−$0
Total buyer cash needed$45,646
Earnest money paid−$0
Remaining funds due$45,646
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$841.25
Prepaid interest, first (5 days)$112.71
Prepaid interest, second (5 days)$185.21
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 closing11 yr 11 moOf the original 30-year loan at 6.47%
Interest already paid$201,667Through Dec 2026
Assumption only · ends Nov 2038$68,009
Assumption + second · ends Nov 2038, second Jan 2057$345,431
New conventional · ends Jan 2057$432,986