Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,060/mo
Lowest payment- Down payment
- $268,167
- Funds due
- $278,769
- Interest + MI left
- $42,149
- First ends
- Nov 2043
Assumption
Assumption + second
$2,729/mo
+$1,669/mo- Down payment
- $35,167
- Funds due
- $47,267
- Interest + MI left
- $410,076
- First ends
- Nov 2043
New loan
New conventional
$2,604/mo
+$1,544/mo- Down payment
- $35,167
- Funds due
- $43,875
- Interest + MI left
- $452,965
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $76,833 | $76,833 | $309,833 |
| Second mortgage | — | $233,000 | — |
| First P&I | $541.33 | $541.33 | $2,098.92 |
| Second P&I | — | $1,669.24 | — |
| Mortgage insurance | $75.68 | $75.68 | $61.97 |
| Taxes, insurance & HOA | $443.25 | $443.25 | $443.25 |
| Total housing payment | $1,060.25 | $2,729.49 | $2,604.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,167
Closing costs & prepaids$12,099
Usable credit−$0
Total buyer cash needed$47,267
Earnest money paid−$0
Remaining funds due$47,267
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$879.75
Prepaid interest, first (5 days)$47.36
Prepaid interest, second (5 days)$247.36
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 11 moOf the original 30-year loan at 4.5%
Interest already paid$54,984Through Dec 2026
Assumption only · ends Nov 2043$42,149
Assumption + second · ends Nov 2043, second Jan 2057$410,076
New conventional · ends Jan 2057$452,965