Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$900/mo
Lowest payment- Down payment
- $200,541
- Funds due
- $210,078
- Interest + MI left
- $47,855
- First ends
- Sep 2045
Assumption
Assumption + second
$2,155/mo
+$1,255/mo- Down payment
- $29,541
- Funds due
- $40,665
- Interest + MI left
- $328,560
- First ends
- Sep 2045
New loan
New conventional
$2,068/mo
+$1,167/mo- Down payment
- $29,541
- Funds due
- $37,354
- Interest + MI left
- $377,858
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $87,459 | $87,459 | $258,459 |
| Second mortgage | — | $171,000 | — |
| First P&I | $553.14 | $553.14 | $1,750.89 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | $82.07 | $82.07 | $51.69 |
| Taxes, insurance & HOA | $265.17 | $265.17 | $265.17 |
| Total housing payment | $900.38 | $2,155.12 | $2,067.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,541
Closing costs & prepaids$11,124
Usable credit−$0
Total buyer cash needed$40,665
Earnest money paid−$0
Remaining funds due$40,665
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,880.00
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)$345.50
Prepaid interest, first (9 days)$86.26
Prepaid interest, second (9 days)$337.32
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 9 moOf the original 30-year loan at 4%
Interest already paid$46,271Through Dec 2026
Assumption only · ends Sep 2045$47,855
Assumption + second · ends Sep 2045, second Jan 2057$328,560
New conventional · ends Jan 2057$377,858