Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,190/mo
Lowest payment- Down payment
- $172,081
- Funds due
- $181,877
- Interest + MI left
- $55,074
- First ends
- Nov 2044
Assumption
Assumption + second
$2,246/mo
+$1,057/mo- Down payment
- $28,081
- Funds due
- $39,285
- Interest + MI left
- $291,457
- First ends
- Nov 2044
New loan
New conventional
$2,145/mo
+$955/mo- Down payment
- $28,081
- Funds due
- $35,987
- Interest + MI left
- $368,347
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,919 | $107,919 | $251,919 |
| Second mortgage | — | $144,000 | — |
| First P&I | $696.70 | $696.70 | $1,706.59 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | $105.01 | $105.01 | $50.38 |
| Taxes, insurance & HOA | $388.00 | $388.00 | $388.00 |
| Total housing payment | $1,189.71 | $2,246.33 | $2,144.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,081
Closing costs & prepaids$11,204
Usable credit−$0
Total buyer cash needed$39,285
Earnest money paid−$0
Remaining funds due$39,285
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$714.00
Prepaid interest, first (5 days)$57.21
Prepaid interest, second (5 days)$157.81
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 closing17 yr 11 moOf the original 30-year loan at 3.87%
Interest already paid$60,691Through Dec 2026
Assumption only · ends Nov 2044$55,074
Assumption + second · ends Nov 2044, second Jan 2057$291,457
New conventional · ends Jan 2057$368,347