Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$626/mo
Lowest payment- Down payment
- $165,972
- Funds due
- $174,609
- Interest + MI left
- $31,159
- First ends
- Aug 2045
Assumption
Assumption + second
$1,675/mo
+$1,049/mo- Down payment
- $22,972
- Funds due
- $32,890
- Interest + MI left
- $265,901
- First ends
- Aug 2045
New loan
New conventional
$1,641/mo
+$1,015/mo- Down payment
- $22,972
- Funds due
- $29,614
- Interest + MI left
- $306,197
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $58,928 | $58,928 | $201,928 |
| Second mortgage | — | $143,000 | — |
| First P&I | $367.81 | $367.81 | $1,398.11 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | $55.64 | $55.64 | $40.39 |
| Taxes, insurance & HOA | $202.17 | $202.17 | $202.17 |
| Total housing payment | $625.61 | $1,674.90 | $1,640.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,972
Closing costs & prepaids$9,918
Usable credit−$0
Total buyer cash needed$32,890
Earnest money paid−$0
Remaining funds due$32,890
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,249.00
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)$156.50
Prepaid interest, first (1 days)$6.20
Prepaid interest, second (1 days)$31.34
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 9 moOf the original 30-year loan at 3.840%
Interest already paid$30,031Through Nov 2026
Assumption only · ends Aug 2045$31,159
Assumption + second · ends Aug 2045, second Dec 2056$265,901
New conventional · ends Dec 2056$306,197