Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,422/mo
Lowest payment- Down payment
- $159,817
- Funds due
- $169,882
- Interest + MI left
- $76,649
- First ends
- Sep 2045
Assumption
Assumption + second
$2,369/mo
+$947/mo- Down payment
- $30,817
- Funds due
- $42,274
- Interest + MI left
- $288,409
- First ends
- Sep 2045
New loan
New conventional
$2,282/mo
+$859/mo- Down payment
- $30,817
- Funds due
- $38,962
- Interest + MI left
- $393,390
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,083 | $140,083 | $269,083 |
| Second mortgage | — | $129,000 | — |
| First P&I | $885.97 | $885.97 | $1,822.86 |
| Second P&I | — | $946.56 | — |
| Mortgage insurance | $131.45 | $131.45 | $53.82 |
| Taxes, insurance & HOA | $404.92 | $404.92 | $404.92 |
| Total housing payment | $1,422.33 | $2,368.89 | $2,281.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,817
Closing costs & prepaids$11,457
Usable credit−$0
Total buyer cash needed$42,274
Earnest money paid−$0
Remaining funds due$42,274
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$764.75
Prepaid interest, first (5 days)$76.76
Prepaid interest, second (5 days)$141.37
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 closing18 yr 9 moOf the original 30-year loan at 4%
Interest already paid$74,113Through Dec 2026
Assumption only · ends Sep 2045$76,649
Assumption + second · ends Sep 2045, second Jan 2057$288,409
New conventional · ends Jan 2057$393,390