Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,395/mo
Lowest payment- Down payment
- $230,620
- Funds due
- $241,307
- Interest + MI left
- $62,126
- First ends
- Oct 2043
Assumption
Assumption + second
$2,826/mo
+$1,431/mo- Down payment
- $35,620
- Funds due
- $47,770
- Interest + MI left
- $382,229
- First ends
- Oct 2043
New loan
New conventional
$2,640/mo
+$1,245/mo- Down payment
- $35,620
- Funds due
- $44,391
- Interest + MI left
- $459,613
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $119,380 | $119,380 | $314,380 |
| Second mortgage | — | $195,000 | — |
| First P&I | $828.39 | $828.39 | $2,129.72 |
| Second P&I | — | $1,430.84 | — |
| Mortgage insurance | $119.28 | $119.28 | $62.88 |
| Taxes, insurance & HOA | $447.50 | $447.50 | $447.50 |
| Total housing payment | $1,395.17 | $2,826.01 | $2,640.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,620
Closing costs & prepaids$12,151
Usable credit−$0
Total buyer cash needed$47,770
Earnest money paid−$0
Remaining funds due$47,770
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$892.50
Prepaid interest, first (5 days)$69.50
Prepaid interest, second (5 days)$213.70
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 10 moOf the original 30-year loan at 4.25%
Interest already paid$81,873Through Dec 2026
Assumption only · ends Oct 2043$62,126
Assumption + second · ends Oct 2043, second Jan 2057$382,229
New conventional · ends Jan 2057$459,613