Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$667/mo
Lowest payment- Down payment
- $192,345
- Funds due
- $201,423
- Interest + MI left
- $29,467
- First ends
- May 2045
Assumption
Assumption + second
$1,893/mo
+$1,225/mo- Down payment
- $25,345
- Funds due
- $36,002
- Interest + MI left
- $303,606
- First ends
- May 2045
New loan
New conventional
$1,817/mo
+$1,150/mo- Down payment
- $25,345
- Funds due
- $32,714
- Interest + MI left
- $328,483
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $57,655 | $57,655 | $224,655 |
| Second mortgage | — | $167,000 | — |
| First P&I | $361.95 | $361.95 | $1,521.89 |
| Second P&I | — | $1,225.39 | — |
| Mortgage insurance | $55.29 | $55.29 | $44.93 |
| Taxes, insurance & HOA | $250.00 | $250.00 | $250.00 |
| Total housing payment | $667.24 | $1,892.63 | $1,816.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,345
Closing costs & prepaids$10,658
Usable credit−$0
Total buyer cash needed$36,002
Earnest money paid−$0
Remaining funds due$36,002
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)$53.45
Prepaid interest, second (9 days)$329.42
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 5 moOf the original 30-year loan at 3.76%
Interest already paid$29,907Through Dec 2026
Assumption only · ends May 2045$29,467
Assumption + second · ends May 2045, second Jan 2057$303,606
New conventional · ends Jan 2057$328,483