Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,607/mo
Lowest payment- Down payment
- $213,385
- Funds due
- $223,946
- Interest + MI left
- $60,072
- First ends
- Nov 2040
Assumption
Assumption + second
$2,921/mo
+$1,313/mo- Down payment
- $34,385
- Funds due
- $46,392
- Interest + MI left
- $353,909
- First ends
- Nov 2040
New loan
New conventional
$2,563/mo
+$955/mo- Down payment
- $34,385
- Funds due
- $43,020
- Interest + MI left
- $445,398
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $125,615 | $125,615 | $304,615 |
| Second mortgage | — | $179,000 | — |
| First P&I | $1,029.43 | $1,029.43 | $2,063.57 |
| Second P&I | — | $1,313.44 | — |
| Mortgage insurance | $139.78 | $139.78 | $60.92 |
| Taxes, insurance & HOA | $438.17 | $438.17 | $438.17 |
| Total housing payment | $1,607.38 | $2,920.82 | $2,562.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,385
Closing costs & prepaids$12,007
Usable credit−$0
Total buyer cash needed$46,392
Earnest money paid−$0
Remaining funds due$46,392
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$864.50
Prepaid interest, first (5 days)$81.74
Prepaid interest, second (5 days)$196.16
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 closing13 yr 11 moOf the original 30-year loan at 4.75%
Interest already paid$126,953Through Dec 2026
Assumption only · ends Nov 2040$60,072
Assumption + second · ends Nov 2040, second Jan 2057$353,909
New conventional · ends Jan 2057$445,398