Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,695/mo
Lowest payment- Down payment
- $188,458
- Funds due
- $199,229
- Interest + MI left
- $87,724
- First ends
- Dec 2044
Assumption
Assumption + second
$2,811/mo
+$1,115/mo- Down payment
- $36,458
- Funds due
- $48,646
- Interest + MI left
- $337,240
- First ends
- Dec 2044
New loan
New conventional
$2,673/mo
+$978/mo- Down payment
- $36,458
- Funds due
- $45,287
- Interest + MI left
- $465,697
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,542 | $166,542 | $318,542 |
| Second mortgage | — | $152,000 | — |
| First P&I | $1,082.85 | $1,082.85 | $2,157.91 |
| Second P&I | — | $1,115.32 | — |
| Mortgage insurance | $160.66 | $160.66 | $63.71 |
| Taxes, insurance & HOA | $451.75 | $451.75 | $451.75 |
| Total housing payment | $1,695.27 | $2,810.59 | $2,673.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,458
Closing costs & prepaids$12,188
Usable credit−$0
Total buyer cash needed$48,646
Earnest money paid−$0
Remaining funds due$48,646
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$905.25
Prepaid interest, first (5 days)$91.26
Prepaid interest, second (5 days)$166.58
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$95,657Through Dec 2026
Assumption only · ends Dec 2044$87,724
Assumption + second · ends Dec 2044, second Jan 2057$337,240
New conventional · ends Jan 2057$465,697