Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,199/mo
Lowest payment- Down payment
- $241,032
- Funds due
- $251,428
- Interest + MI left
- $68,404
- First ends
- Sep 2045
Assumption
Assumption + second
$2,660/mo
+$1,461/mo- Down payment
- $37,032
- Funds due
- $48,937
- Interest + MI left
- $390,537
- First ends
- Sep 2045
New loan
New conventional
$2,583/mo
+$1,385/mo- Down payment
- $37,032
- Funds due
- $45,562
- Interest + MI left
- $479,543
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $123,968 | $123,968 | $327,968 |
| Second mortgage | — | $204,000 | — |
| First P&I | $786.63 | $786.63 | $2,221.77 |
| Second P&I | — | $1,461.48 | — |
| Mortgage insurance | $116.15 | $116.15 | $65.59 |
| Taxes, insurance & HOA | $296.00 | $296.00 | $296.00 |
| Total housing payment | $1,198.78 | $2,660.26 | $2,583.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,032
Closing costs & prepaids$11,905
Usable credit−$0
Total buyer cash needed$48,937
Earnest money paid−$0
Remaining funds due$48,937
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Prepaid interest, first (6 days)$82.33
Prepaid interest, second (6 days)$259.89
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 closing18 yr 9 moOf the original 30-year loan at 4.04%
Interest already paid$66,187Through Dec 2026
Assumption only · ends Sep 2045$68,404
Assumption + second · ends Sep 2045, second Jan 2057$390,537
New conventional · ends Jan 2057$479,543