Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$430/mo
Lowest payment- Down payment
- $161,530
- Funds due
- $169,826
- Interest + MI left
- $12,196
- First ends
- Dec 2042
Assumption
Assumption + second
$1,472/mo
+$1,042/mo- Down payment
- $19,530
- Funds due
- $29,107
- Interest + MI left
- $245,296
- First ends
- Dec 2042
New loan
New conventional
$1,420/mo
+$991/mo- Down payment
- $19,530
- Funds due
- $25,862
- Interest + MI left
- $258,461
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $28,470 | $28,470 | $170,470 |
| Second mortgage | — | $142,000 | — |
| First P&I | $193.12 | $193.12 | $1,180.30 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | $30.46 | $30.46 | $34.09 |
| Taxes, insurance & HOA | $206.00 | $206.00 | $206.00 |
| Total housing payment | $429.58 | $1,471.52 | $1,420.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,530
Closing costs & prepaids$9,577
Usable credit−$0
Total buyer cash needed$29,107
Earnest money paid−$0
Remaining funds due$29,107
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,900.00
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)$168.00
Prepaid interest, first (1 days)$2.73
Prepaid interest, second (1 days)$31.12
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 closing16 yr 1 moOf the original 30-year loan at 3.500%
Interest already paid$17,714Through Nov 2026
Assumption only · ends Dec 2042$12,196
Assumption + second · ends Dec 2042, second Dec 2056$245,296
New conventional · ends Dec 2056$258,461