Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$530/mo
Lowest payment- Down payment
- $210,809
- Funds due
- $219,692
- Interest + MI left
- $18,298
- First ends
- Oct 2042
Assumption
Assumption + second
$1,887/mo
+$1,357/mo- Down payment
- $25,809
- Funds due
- $35,983
- Interest + MI left
- $321,985
- First ends
- Oct 2042
New loan
New conventional
$1,814/mo
+$1,284/mo- Down payment
- $25,809
- Funds due
- $32,676
- Interest + MI left
- $346,021
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $43,191 | $43,191 | $228,191 |
| Second mortgage | — | $185,000 | — |
| First P&I | $295.04 | $295.04 | $1,579.95 |
| Second P&I | — | $1,357.46 | — |
| Mortgage insurance | $46.60 | $46.60 | $45.64 |
| Taxes, insurance & HOA | $187.92 | $187.92 | $187.92 |
| Total housing payment | $529.56 | $1,887.02 | $1,813.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,809
Closing costs & prepaids$10,173
Usable credit−$0
Total buyer cash needed$35,983
Earnest money paid−$0
Remaining funds due$35,983
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,540.00
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)$113.75
Prepaid interest, first (1 days)$4.13
Prepaid interest, second (1 days)$40.55
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 closing15 yr 11 moOf the original 30-year loan at 3.490%
Interest already paid$27,267Through Nov 2026
Assumption only · ends Oct 2042$18,298
Assumption + second · ends Oct 2042, second Dec 2056$321,985
New conventional · ends Dec 2056$346,021