Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,376/mo
Lowest payment- Down payment
- $198,906
- Funds due
- $209,149
- Interest + MI left
- $83,314
- First ends
- Dec 2045
Assumption
Assumption + second
$2,572/mo
+$1,196/mo- Down payment
- $35,906
- Funds due
- $47,613
- Interest + MI left
- $350,887
- First ends
- Dec 2045
New loan
New conventional
$2,480/mo
+$1,104/mo- Down payment
- $35,906
- Funds due
- $44,262
- Interest + MI left
- $459,048
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $150,994 | $150,994 | $313,994 |
| Second mortgage | — | $163,000 | — |
| First P&I | $944.96 | $944.96 | $2,127.10 |
| Second P&I | — | $1,196.04 | — |
| Mortgage insurance | $140.54 | $140.54 | $62.80 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $1,375.50 | $2,571.54 | $2,479.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,906
Closing costs & prepaids$11,707
Usable credit−$0
Total buyer cash needed$47,613
Earnest money paid−$0
Remaining funds due$47,613
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$420.00
Prepaid interest, first (6 days)$98.79
Prepaid interest, second (6 days)$214.36
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 closing19 yrOf the original 30-year loan at 3.98%
Interest already paid$77,317Through Dec 2026
Assumption only · ends Dec 2045$83,314
Assumption + second · ends Dec 2045, second Jan 2057$350,887
New conventional · ends Jan 2057$459,048