Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$450/mo
Lowest payment- Down payment
- $161,640
- Funds due
- $170,018
- Interest + MI left
- $12,096
- First ends
- Dec 2042
Assumption
Assumption + second
$1,492/mo
+$1,042/mo- Down payment
- $19,640
- Funds due
- $29,548
- Interest + MI left
- $245,196
- First ends
- Dec 2042
New loan
New conventional
$1,414/mo
+$965/mo- Down payment
- $19,640
- Funds due
- $26,298
- Interest + MI left
- $249,026
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $28,360 | $28,360 | $170,360 |
| Second mortgage | — | $142,000 | — |
| First P&I | $193.12 | $193.12 | $1,154.08 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | $30.46 | $30.46 | $34.07 |
| Taxes, insurance & HOA | $226.00 | $226.00 | $226.00 |
| Total housing payment | $449.58 | $1,491.52 | $1,414.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,640
Closing costs & prepaids$9,908
Usable credit−$0
Total buyer cash needed$29,548
Earnest money paid−$0
Remaining funds due$29,548
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,900.00
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)$228.00
Prepaid interest, first (9 days)$24.48
Prepaid interest, second (9 days)$280.11
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 closing16 yrOf the original 30-year loan at 3.5%
Interest already paid$17,797Through Dec 2026
Assumption only · ends Dec 2042$12,096
Assumption + second · ends Dec 2042, second Jan 2057$245,196
New conventional · ends Jan 2057$249,026