Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,677/mo
Lowest payment- Down payment
- $194,685
- Funds due
- $204,359
- Interest + MI left
- $64,663
- First ends
- Jan 2038
Assumption
Assumption + second
$2,873/mo
+$1,196/mo- Down payment
- $31,685
- Funds due
- $42,645
- Interest + MI left
- $332,236
- First ends
- Jan 2038
New loan
New conventional
$2,261/mo
+$584/mo- Down payment
- $31,685
- Funds due
- $39,277
- Interest + MI left
- $429,666
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $120,315 | $120,315 | $283,315 |
| Second mortgage | — | $163,000 | — |
| First P&I | $1,296.54 | $1,296.54 | $1,961.62 |
| Second P&I | — | $1,196.04 | — |
| Mortgage insurance | $138.04 | $138.04 | $56.66 |
| Taxes, insurance & HOA | $242.25 | $242.25 | $242.25 |
| Total housing payment | $1,676.83 | $2,872.87 | $2,260.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,685
Closing costs & prepaids$10,961
Usable credit−$0
Total buyer cash needed$42,645
Earnest money paid−$0
Remaining funds due$42,645
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$276.75
Prepaid interest, first (1 days)$23.07
Prepaid interest, second (1 days)$35.73
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 closing11 yr 2 moOf the original 30-year loan at 7.000%
Interest already paid$218,454Through Nov 2026
Assumption only · ends Jan 2038$64,663
Assumption + second · ends Jan 2038, second Dec 2056$332,236
New conventional · ends Dec 2056$429,666