Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,021/mo
Lowest payment- Down payment
- $219,713
- Funds due
- $229,538
- Interest + MI left
- $53,500
- First ends
- Feb 2045
Assumption
Assumption + second
$2,393/mo
+$1,372/mo- Down payment
- $32,713
- Funds due
- $43,829
- Interest + MI left
- $360,470
- First ends
- Feb 2045
New loan
New conventional
$2,326/mo
+$1,305/mo- Down payment
- $32,713
- Funds due
- $40,457
- Interest + MI left
- $435,633
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $100,287 | $100,287 | $287,287 |
| Second mortgage | — | $187,000 | — |
| First P&I | $645.96 | $645.96 | $1,989.12 |
| Second P&I | — | $1,372.14 | — |
| Mortgage insurance | $95.84 | $95.84 | $57.46 |
| Taxes, insurance & HOA | $279.42 | $279.42 | $279.42 |
| Total housing payment | $1,021.22 | $2,393.36 | $2,325.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,713
Closing costs & prepaids$11,115
Usable credit−$0
Total buyer cash needed$43,829
Earnest money paid−$0
Remaining funds due$43,829
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$388.25
Prepaid interest, first (1 days)$10.99
Prepaid interest, second (1 days)$40.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3 moOf the original 30-year loan at 4.000%
Interest already paid$56,063Through Nov 2026
Assumption only · ends Feb 2045$53,500
Assumption + second · ends Feb 2045, second Dec 2056$360,470
New conventional · ends Dec 2056$435,633