Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,568/mo
Lowest payment- Down payment
- $196,890
- Funds due
- $207,420
- Interest + MI left
- $61,565
- First ends
- Dec 2042
Assumption
Assumption + second
$2,756/mo
+$1,189/mo- Down payment
- $34,890
- Funds due
- $46,777
- Interest + MI left
- $327,496
- First ends
- Dec 2042
New loan
New conventional
$2,550/mo
+$982/mo- Down payment
- $34,890
- Funds due
- $43,407
- Interest + MI left
- $440,372
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $142,810 | $142,810 | $304,810 |
| Second mortgage | — | $162,000 | — |
| First P&I | $976.00 | $976.00 | $2,050.48 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | $153.00 | $153.00 | $60.96 |
| Taxes, insurance & HOA | $438.75 | $438.75 | $438.75 |
| Total housing payment | $1,567.76 | $2,756.46 | $2,550.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,890
Closing costs & prepaids$11,886
Usable credit−$0
Total buyer cash needed$46,777
Earnest money paid−$0
Remaining funds due$46,777
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,397.00
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)$866.25
Prepaid interest, first (3 days)$41.67
Prepaid interest, second (3 days)$106.52
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 3 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 yrOf the original 30-year loan at 3.55%
Interest already paid$90,772Through Dec 2026
Assumption only · ends Dec 2042$61,565
Assumption + second · ends Dec 2042, second Jan 2057$327,496
New conventional · ends Jan 2057$440,372