Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$701/mo
Lowest payment- Down payment
- $192,559
- Funds due
- $201,701
- Interest + MI left
- $34,017
- First ends
- Nov 2045
Assumption
Assumption + second
$1,926/mo
+$1,225/mo- Down payment
- $25,559
- Funds due
- $36,280
- Interest + MI left
- $308,157
- First ends
- Nov 2045
New loan
New conventional
$1,852/mo
+$1,151/mo- Down payment
- $25,559
- Funds due
- $32,991
- Interest + MI left
- $335,481
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $62,441 | $62,441 | $229,441 |
| Second mortgage | — | $167,000 | — |
| First P&I | $390.63 | $390.63 | $1,554.31 |
| Second P&I | — | $1,225.39 | — |
| Mortgage insurance | $58.38 | $58.38 | $45.89 |
| Taxes, insurance & HOA | $252.00 | $252.00 | $252.00 |
| Total housing payment | $701.00 | $1,926.39 | $1,852.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,559
Closing costs & prepaids$10,721
Usable credit−$0
Total buyer cash needed$36,280
Earnest money paid−$0
Remaining funds due$36,280
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,550.00
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)$306.00
Prepaid interest, first (9 days)$60.66
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 11 moOf the original 30-year loan at 3.94%
Interest already paid$31,977Through Dec 2026
Assumption only · ends Nov 2045$34,017
Assumption + second · ends Nov 2045, second Jan 2057$308,157
New conventional · ends Jan 2057$335,481