Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,359/mo
Lowest payment- Down payment
- $208,356
- Funds due
- $218,601
- Interest + MI left
- $52,633
- First ends
- Oct 2041
Assumption
Assumption + second
$2,650/mo
+$1,291/mo- Down payment
- $32,356
- Funds due
- $44,043
- Interest + MI left
- $341,547
- First ends
- Oct 2041
New loan
New conventional
$2,388/mo
+$1,029/mo- Down payment
- $32,356
- Funds due
- $40,687
- Interest + MI left
- $413,070
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $106,544 | $106,544 | $282,544 |
| Second mortgage | — | $176,000 | — |
| First P&I | $826.92 | $826.92 | $1,914.05 |
| Second P&I | — | $1,291.43 | — |
| Mortgage insurance | $114.26 | $114.26 | $56.51 |
| Taxes, insurance & HOA | $417.67 | $417.67 | $417.67 |
| Total housing payment | $1,358.84 | $2,650.27 | $2,388.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,356
Closing costs & prepaids$11,687
Usable credit−$0
Total buyer cash needed$44,043
Earnest money paid−$0
Remaining funds due$44,043
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,149.00
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)$803.00
Prepaid interest, first (5 days)$67.14
Prepaid interest, second (5 days)$192.88
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 closing14 yr 10 moOf the original 30-year loan at 4.6%
Interest already paid$95,738Through Dec 2026
Assumption only · ends Oct 2041$52,633
Assumption + second · ends Oct 2041, second Jan 2057$341,547
New conventional · ends Jan 2057$413,070