Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$910/mo
Lowest payment- Down payment
- $230,129
- Funds due
- $239,872
- Interest + MI left
- $34,118
- First ends
- Oct 2042
Assumption
Assumption + second
$2,371/mo
+$1,460/mo- Down payment
- $31,129
- Funds due
- $42,384
- Interest + MI left
- $360,787
- First ends
- Oct 2042
New loan
New conventional
$2,219/mo
+$1,309/mo- Down payment
- $31,129
- Funds due
- $39,044
- Interest + MI left
- $407,756
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $79,871 | $79,871 | $278,871 |
| Second mortgage | — | $199,000 | — |
| First P&I | $550.13 | $550.13 | $1,889.17 |
| Second P&I | — | $1,460.19 | — |
| Mortgage insurance | $86.24 | $86.24 | $55.77 |
| Taxes, insurance & HOA | $274.00 | $274.00 | $274.00 |
| Total housing payment | $910.38 | $2,370.57 | $2,218.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,129
Closing costs & prepaids$11,255
Usable credit−$0
Total buyer cash needed$42,384
Earnest money paid−$0
Remaining funds due$42,384
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$372.00
Prepaid interest, first (6 days)$46.61
Prepaid interest, second (6 days)$261.70
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 closing15 yr 10 moOf the original 30-year loan at 3.55%
Interest already paid$51,640Through Dec 2026
Assumption only · ends Oct 2042$34,118
Assumption + second · ends Oct 2042, second Jan 2057$360,787
New conventional · ends Jan 2057$407,756