Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,189/mo
Lowest payment- Down payment
- $197,365
- Funds due
- $207,402
- Interest + MI left
- $45,340
- First ends
- Aug 2043
Assumption
Assumption + second
$2,414/mo
+$1,225/mo- Down payment
- $30,365
- Funds due
- $41,835
- Interest + MI left
- $319,480
- First ends
- Aug 2043
New loan
New conventional
$2,284/mo
+$1,095/mo- Down payment
- $30,365
- Funds due
- $38,514
- Interest + MI left
- $393,959
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $102,435 | $102,435 | $269,435 |
| Second mortgage | — | $167,000 | — |
| First P&I | $677.24 | $677.24 | $1,825.25 |
| Second P&I | — | $1,225.39 | — |
| Mortgage insurance | $106.70 | $106.70 | $53.89 |
| Taxes, insurance & HOA | $404.83 | $404.83 | $404.83 |
| Total housing payment | $1,188.77 | $2,414.15 | $2,283.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,365
Closing costs & prepaids$11,470
Usable credit−$0
Total buyer cash needed$41,835
Earnest money paid−$0
Remaining funds due$41,835
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,998.00
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)$764.50
Prepaid interest, first (5 days)$49.25
Prepaid interest, second (5 days)$183.01
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 closing16 yr 8 moOf the original 30-year loan at 3.51%
Interest already paid$60,163Through Dec 2026
Assumption only · ends Aug 2043$45,340
Assumption + second · ends Aug 2043, second Jan 2057$319,480
New conventional · ends Jan 2057$393,959