Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$741/mo
Lowest payment- Down payment
- $188,562
- Funds due
- $197,653
- Interest + MI left
- $32,725
- First ends
- Oct 2043
Assumption
Assumption + second
$1,937/mo
+$1,196/mo- Down payment
- $25,562
- Funds due
- $36,225
- Interest + MI left
- $300,298
- First ends
- Oct 2043
New loan
New conventional
$1,815/mo
+$1,074/mo- Down payment
- $25,562
- Funds due
- $32,929
- Interest + MI left
- $328,121
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $61,438 | $61,438 | $224,438 |
| Second mortgage | — | $163,000 | — |
| First P&I | $430.14 | $430.14 | $1,520.42 |
| Second P&I | — | $1,196.04 | — |
| Mortgage insurance | $61.06 | $61.06 | $44.89 |
| Taxes, insurance & HOA | $250.00 | $250.00 | $250.00 |
| Total housing payment | $741.20 | $1,937.24 | $1,815.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,562
Closing costs & prepaids$10,663
Usable credit−$0
Total buyer cash needed$36,225
Earnest money paid−$0
Remaining funds due$36,225
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$300.00
Prepaid interest, first (9 days)$66.20
Prepaid interest, second (9 days)$321.53
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 yr 10 moOf the original 30-year loan at 4.37%
Interest already paid$43,198Through Dec 2026
Assumption only · ends Oct 2043$32,725
Assumption + second · ends Oct 2043, second Jan 2057$300,298
New conventional · ends Jan 2057$328,121