Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,020/mo
Lowest payment- Down payment
- $220,025
- Funds due
- $229,933
- Interest + MI left
- $53,109
- First ends
- Feb 2045
Assumption
Assumption + second
$2,399/mo
+$1,379/mo- Down payment
- $32,025
- Funds due
- $43,553
- Interest + MI left
- $361,720
- First ends
- Feb 2045
New loan
New conventional
$2,286/mo
+$1,267/mo- Down payment
- $32,025
- Funds due
- $40,224
- Interest + MI left
- $421,067
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $99,975 | $99,975 | $287,975 |
| Second mortgage | — | $188,000 | — |
| First P&I | $645.96 | $645.96 | $1,950.84 |
| Second P&I | — | $1,379.48 | — |
| Mortgage insurance | $95.84 | $95.84 | $57.60 |
| Taxes, insurance & HOA | $278.00 | $278.00 | $278.00 |
| Total housing payment | $1,019.80 | $2,399.28 | $2,286.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,025
Closing costs & prepaids$11,528
Usable credit−$0
Total buyer cash needed$43,553
Earnest money paid−$0
Remaining funds due$43,553
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$384.00
Prepaid interest, first (9 days)$98.61
Prepaid interest, second (9 days)$370.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2 moOf the original 30-year loan at 4%
Interest already paid$56,398Through Dec 2026
Assumption only · ends Feb 2045$53,109
Assumption + second · ends Feb 2045, second Jan 2057$361,720
New conventional · ends Jan 2057$421,067