Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,551/mo
Lowest payment- Down payment
- $230,322
- Funds due
- $241,189
- Interest + MI left
- $87,042
- First ends
- Feb 2045
Assumption
Assumption + second
$2,945/mo
+$1,394/mo- Down payment
- $40,322
- Funds due
- $52,813
- Interest + MI left
- $398,937
- First ends
- Feb 2045
New loan
New conventional
$2,818/mo
+$1,267/mo- Down payment
- $40,322
- Funds due
- $49,459
- Interest + MI left
- $525,763
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,578 | $169,578 | $359,578 |
| Second mortgage | — | $190,000 | — |
| First P&I | $1,086.93 | $1,086.93 | $2,435.91 |
| Second P&I | — | $1,394.15 | — |
| Mortgage insurance | $154.10 | $154.10 | $71.92 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $1,551.03 | $2,945.19 | $2,817.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,322
Closing costs & prepaids$12,492
Usable credit−$0
Total buyer cash needed$52,813
Earnest money paid−$0
Remaining funds due$52,813
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$480.00
Prepaid interest, first (9 days)$163.07
Prepaid interest, second (9 days)$374.79
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 27-year loan at 3.9%
Interest already paid$67,235Through Dec 2026
Assumption only · ends Feb 2045$87,042
Assumption + second · ends Feb 2045, second Jan 2057$398,937
New conventional · ends Jan 2057$525,763