Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$946/mo
Lowest payment- Down payment
- $188,959
- Funds due
- $198,484
- Interest + MI left
- $31,494
- First ends
- Sep 2042
Assumption
Assumption + second
$2,134/mo
+$1,189/mo- Down payment
- $26,959
- Funds due
- $37,911
- Interest + MI left
- $297,425
- First ends
- Sep 2042
New loan
New conventional
$1,996/mo
+$1,051/mo- Down payment
- $26,959
- Funds due
- $34,607
- Interest + MI left
- $340,651
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $71,041 | $71,041 | $233,041 |
| Second mortgage | — | $162,000 | — |
| First P&I | $498.31 | $498.31 | $1,578.70 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | $76.22 | $76.22 | $46.61 |
| Taxes, insurance & HOA | $371.00 | $371.00 | $371.00 |
| Total housing payment | $945.53 | $2,134.23 | $1,996.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,959
Closing costs & prepaids$10,952
Usable credit−$0
Total buyer cash needed$37,911
Earnest money paid−$0
Remaining funds due$37,911
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,600.00
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)$663.00
Prepaid interest, first (5 days)$36.49
Prepaid interest, second (5 days)$177.53
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 closing15 yr 9 moOf the original 30-year loan at 3.75%
Interest already paid$48,652Through Dec 2026
Assumption only · ends Sep 2042$31,494
Assumption + second · ends Sep 2042, second Jan 2057$297,425
New conventional · ends Jan 2057$340,651