Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,236/mo
Lowest payment- Down payment
- $206,077
- Funds due
- $216,368
- Interest + MI left
- $63,373
- First ends
- Feb 2046
Assumption
Assumption + second
$2,513/mo
+$1,277/mo- Down payment
- $32,077
- Funds due
- $43,770
- Interest + MI left
- $349,003
- First ends
- Feb 2046
New loan
New conventional
$2,416/mo
+$1,180/mo- Down payment
- $32,077
- Funds due
- $40,422
- Interest + MI left
- $416,032
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $113,923 | $113,923 | $287,923 |
| Second mortgage | — | $174,000 | — |
| First P&I | $708.81 | $708.81 | $1,936.88 |
| Second P&I | — | $1,276.75 | — |
| Mortgage insurance | $105.42 | $105.42 | $57.58 |
| Taxes, insurance & HOA | $422.00 | $422.00 | $422.00 |
| Total housing payment | $1,236.23 | $2,512.98 | $2,416.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,077
Closing costs & prepaids$11,693
Usable credit−$0
Total buyer cash needed$43,770
Earnest money paid−$0
Remaining funds due$43,770
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$816.00
Prepaid interest, first (4 days)$49.69
Prepaid interest, second (4 days)$152.55
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 closing19 yr 2 moOf the original 30-year loan at 3.98%
Interest already paid$57,241Through Dec 2026
Assumption only · ends Feb 2046$63,373
Assumption + second · ends Feb 2046, second Jan 2057$349,003
New conventional · ends Jan 2057$416,032