Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$902/mo
Lowest payment- Down payment
- $192,106
- Funds due
- $201,459
- Interest + MI left
- $36,370
- First ends
- May 2043
Assumption
Assumption + second
$2,106/mo
+$1,203/mo- Down payment
- $28,106
- Funds due
- $38,925
- Interest + MI left
- $305,585
- First ends
- May 2043
New loan
New conventional
$1,982/mo
+$1,080/mo- Down payment
- $28,106
- Funds due
- $35,621
- Interest + MI left
- $360,950
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $82,894 | $82,894 | $246,894 |
| Second mortgage | — | $164,000 | — |
| First P&I | $555.02 | $555.02 | $1,672.55 |
| Second P&I | — | $1,203.37 | — |
| Mortgage insurance | $87.22 | $87.22 | $49.38 |
| Taxes, insurance & HOA | $260.00 | $260.00 | $260.00 |
| Total housing payment | $902.24 | $2,105.62 | $1,981.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,106
Closing costs & prepaids$10,819
Usable credit−$0
Total buyer cash needed$38,925
Earnest money paid−$0
Remaining funds due$38,925
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$330.00
Prepaid interest, first (6 days)$48.10
Prepaid interest, second (6 days)$215.67
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 closing16 yr 5 moOf the original 30-year loan at 3.53%
Interest already paid$50,222Through Dec 2026
Assumption only · ends May 2043$36,370
Assumption + second · ends May 2043, second Jan 2057$305,585
New conventional · ends Jan 2057$360,950