Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,996/mo
Lowest payment- Down payment
- $183,792
- Funds due
- $195,031
- Interest + MI left
- $119,847
- First ends
- Nov 2045
Assumption
Assumption + second
$3,052/mo
+$1,057/mo- Down payment
- $39,792
- Funds due
- $52,439
- Interest + MI left
- $356,231
- First ends
- Nov 2045
New loan
New conventional
$2,924/mo
+$928/mo- Down payment
- $39,792
- Funds due
- $49,058
- Interest + MI left
- $511,992
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,208 | $206,208 | $350,208 |
| Second mortgage | — | $144,000 | — |
| First P&I | $1,323.50 | $1,323.50 | $2,372.43 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | $190.57 | $190.57 | $70.04 |
| Taxes, insurance & HOA | $481.50 | $481.50 | $481.50 |
| Total housing payment | $1,995.57 | $3,052.19 | $2,923.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,792
Closing costs & prepaids$12,647
Usable credit−$0
Total buyer cash needed$52,439
Earnest money paid−$0
Remaining funds due$52,439
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$994.50
Prepaid interest, first (5 days)$120.05
Prepaid interest, second (5 days)$157.81
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 closing18 yr 11 moOf the original 30-year loan at 4.25%
Interest already paid$113,197Through Dec 2026
Assumption only · ends Nov 2045$119,847
Assumption + second · ends Nov 2045, second Jan 2057$356,231
New conventional · ends Jan 2057$511,992