Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$796/mo
Lowest payment- Down payment
- $173,913
- Funds due
- $182,819
- Interest + MI left
- $27,796
- First ends
- Mar 2041
Assumption
Assumption + second
$1,896/mo
+$1,101/mo- Down payment
- $23,913
- Funds due
- $34,266
- Interest + MI left
- $274,028
- First ends
- Mar 2041
New loan
New conventional
$1,720/mo
+$924/mo- Down payment
- $23,913
- Funds due
- $30,986
- Interest + MI left
- $309,333
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $61,587 | $61,587 | $211,587 |
| Second mortgage | — | $150,000 | — |
| First P&I | $482.33 | $482.33 | $1,433.36 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | $69.04 | $69.04 | $42.32 |
| Taxes, insurance & HOA | $244.17 | $244.17 | $244.17 |
| Total housing payment | $795.53 | $1,896.18 | $1,719.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,913
Closing costs & prepaids$10,353
Usable credit−$0
Total buyer cash needed$34,266
Earnest money paid−$0
Remaining funds due$34,266
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,355.00
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)$282.50
Prepaid interest, first (6 days)$43.53
Prepaid interest, second (6 days)$197.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing14 yr 3 moOf the original 30-year loan at 4.3%
Interest already paid$55,282Through Dec 2026
Assumption only · ends Mar 2041$27,796
Assumption + second · ends Mar 2041, second Jan 2057$274,028
New conventional · ends Jan 2057$309,333