Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$909/mo
Lowest payment- Down payment
- $234,335
- Funds due
- $244,099
- Interest + MI left
- $29,629
- First ends
- Jul 2041
Assumption
Assumption + second
$2,363/mo
+$1,454/mo- Down payment
- $31,335
- Funds due
- $42,737
- Interest + MI left
- $350,183
- First ends
- Jul 2041
New loan
New conventional
$2,218/mo
+$1,309/mo- Down payment
- $31,335
- Funds due
- $39,412
- Interest + MI left
- $407,454
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $75,665 | $75,665 | $278,665 |
| Second mortgage | — | $203,000 | — |
| First P&I | $556.76 | $556.76 | $1,887.77 |
| Second P&I | — | $1,454.32 | — |
| Mortgage insurance | $77.86 | $77.86 | $55.73 |
| Taxes, insurance & HOA | $274.00 | $274.00 | $274.00 |
| Total housing payment | $908.62 | $2,362.93 | $2,217.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,335
Closing costs & prepaids$11,402
Usable credit−$0
Total buyer cash needed$42,737
Earnest money paid−$0
Remaining funds due$42,737
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$372.00
Prepaid interest, first (9 days)$67.35
Prepaid interest, second (9 days)$387.92
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 closing14 yr 7 moOf the original 25-year loan at 3.61%
Interest already paid$35,346Through Dec 2026
Assumption only · ends Jul 2041$29,629
Assumption + second · ends Jul 2041, second Jan 2057$350,183
New conventional · ends Jan 2057$407,454