Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,327/mo
Lowest payment- Down payment
- $181,689
- Funds due
- $191,732
- Interest + MI left
- $61,916
- First ends
- Feb 2044
Assumption
Assumption + second
$2,435/mo
+$1,108/mo- Down payment
- $30,689
- Funds due
- $42,114
- Interest + MI left
- $309,790
- First ends
- Feb 2044
New loan
New conventional
$2,270/mo
+$942/mo- Down payment
- $30,689
- Funds due
- $38,781
- Interest + MI left
- $388,941
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,211 | $118,211 | $269,211 |
| Second mortgage | — | $151,000 | — |
| First P&I | $805.71 | $805.71 | $1,811.00 |
| Second P&I | — | $1,107.98 | — |
| Mortgage insurance | $116.84 | $116.84 | $53.84 |
| Taxes, insurance & HOA | $404.92 | $404.92 | $404.92 |
| Total housing payment | $1,327.47 | $2,435.45 | $2,269.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,689
Closing costs & prepaids$11,425
Usable credit−$0
Total buyer cash needed$42,114
Earnest money paid−$0
Remaining funds due$42,114
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$764.75
Prepaid interest, first (4 days)$54.28
Prepaid interest, second (4 days)$132.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 closing17 yr 2 moOf the original 30-year loan at 4.19%
Interest already paid$77,333Through Dec 2026
Assumption only · ends Feb 2044$61,916
Assumption + second · ends Feb 2044, second Jan 2057$309,790
New conventional · ends Jan 2057$388,941