Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$750/mo
Lowest payment- Down payment
- $188,356
- Funds due
- $197,415
- Interest + MI left
- $32,989
- First ends
- Oct 2043
Assumption
Assumption + second
$1,946/mo
+$1,196/mo- Down payment
- $25,356
- Funds due
- $35,701
- Interest + MI left
- $300,562
- First ends
- Oct 2043
New loan
New conventional
$1,859/mo
+$1,109/mo- Down payment
- $25,356
- Funds due
- $32,399
- Interest + MI left
- $340,643
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $61,644 | $61,644 | $224,644 |
| Second mortgage | — | $163,000 | — |
| First P&I | $430.14 | $430.14 | $1,555.39 |
| Second P&I | — | $1,196.04 | — |
| Mortgage insurance | $61.06 | $61.06 | $44.93 |
| Taxes, insurance & HOA | $258.75 | $258.75 | $258.75 |
| Total housing payment | $749.95 | $1,945.99 | $1,859.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,356
Closing costs & prepaids$10,344
Usable credit−$0
Total buyer cash needed$35,701
Earnest money paid−$0
Remaining funds due$35,701
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$326.25
Prepaid interest, first (1 days)$7.38
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 closing16 yr 11 moOf the original 30-year loan at 4.370%
Interest already paid$42,974Through Nov 2026
Assumption only · ends Oct 2043$32,989
Assumption + second · ends Oct 2043, second Dec 2056$300,562
New conventional · ends Dec 2056$340,643