Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$915/mo
Lowest payment- Down payment
- $131,316
- Funds due
- $140,218
- Interest + MI left
- $41,393
- First ends
- Dec 2044
Assumption
Assumption + second
$1,722/mo
+$807/mo- Down payment
- $21,316
- Funds due
- $31,588
- Interest + MI left
- $221,964
- First ends
- Dec 2044
New loan
New conventional
$1,644/mo
+$728/mo- Down payment
- $21,316
- Funds due
- $28,348
- Interest + MI left
- $275,703
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $78,584 | $78,584 | $188,584 |
| Second mortgage | — | $110,000 | — |
| First P&I | $510.95 | $510.95 | $1,277.53 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $75.81 | $75.81 | $37.72 |
| Taxes, insurance & HOA | $328.42 | $328.42 | $328.42 |
| Total housing payment | $915.18 | $1,722.32 | $1,643.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,316
Closing costs & prepaids$10,273
Usable credit−$0
Total buyer cash needed$31,588
Earnest money paid−$0
Remaining funds due$31,588
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,099.00
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)$535.25
Prepaid interest, first (5 days)$43.06
Prepaid interest, second (5 days)$120.55
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 yrOf the original 30-year loan at 4%
Interest already paid$45,137Through Dec 2026
Assumption only · ends Dec 2044$41,393
Assumption + second · ends Dec 2044, second Jan 2057$221,964
New conventional · ends Jan 2057$275,703