Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$961/mo
Lowest payment- Down payment
- $128,236
- Funds due
- $136,897
- Interest + MI left
- $40,788
- First ends
- Feb 2043
Assumption
Assumption + second
$1,731/mo
+$770/mo- Down payment
- $23,236
- Funds due
- $33,170
- Interest + MI left
- $213,151
- First ends
- Feb 2043
New loan
New conventional
$1,650/mo
+$689/mo- Down payment
- $23,236
- Funds due
- $29,897
- Interest + MI left
- $307,424
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $97,764 | $97,764 | $202,764 |
| Second mortgage | — | $105,000 | — |
| First P&I | $650.34 | $650.34 | $1,403.90 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | $104.66 | $104.66 | $40.55 |
| Taxes, insurance & HOA | $205.83 | $205.83 | $205.83 |
| Total housing payment | $960.83 | $1,731.28 | $1,650.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,236
Closing costs & prepaids$9,934
Usable credit−$0
Total buyer cash needed$33,170
Earnest money paid−$0
Remaining funds due$33,170
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,260.00
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)$167.50
Prepaid interest, first (1 days)$8.95
Prepaid interest, second (1 days)$23.01
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 3 moOf the original 30-year loan at 3.340%
Interest already paid$57,320Through Nov 2026
Assumption only · ends Feb 2043$40,788
Assumption + second · ends Feb 2043, second Dec 2056$213,151
New conventional · ends Dec 2056$307,424