Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$662/mo
Lowest payment- Down payment
- $163,751
- Funds due
- $172,524
- Interest + MI left
- $30,935
- First ends
- Aug 2045
Assumption
Assumption + second
$1,697/mo
+$1,035/mo- Down payment
- $22,751
- Funds due
- $33,052
- Interest + MI left
- $262,394
- First ends
- Aug 2045
New loan
New conventional
$1,632/mo
+$970/mo- Down payment
- $22,751
- Funds due
- $29,794
- Interest + MI left
- $292,026
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $58,749 | $58,749 | $199,749 |
| Second mortgage | — | $141,000 | — |
| First P&I | $367.81 | $367.81 | $1,353.17 |
| Second P&I | — | $1,034.61 | — |
| Mortgage insurance | $55.64 | $55.64 | $39.95 |
| Taxes, insurance & HOA | $239.00 | $239.00 | $239.00 |
| Total housing payment | $662.45 | $1,697.05 | $1,632.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,751
Closing costs & prepaids$10,301
Usable credit−$0
Total buyer cash needed$33,052
Earnest money paid−$0
Remaining funds due$33,052
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,225.00
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)$267.00
Prepaid interest, first (9 days)$55.63
Prepaid interest, second (9 days)$278.14
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 8 moOf the original 30-year loan at 3.84%
Interest already paid$30,219Through Dec 2026
Assumption only · ends Aug 2045$30,935
Assumption + second · ends Aug 2045, second Jan 2057$262,394
New conventional · ends Jan 2057$292,026