Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$619/mo
Lowest payment- Down payment
- $129,291
- Funds due
- $137,520
- Interest + MI left
- $23,669
- First ends
- May 2043
Assumption
Assumption + second
$1,426/mo
+$807/mo- Down payment
- $19,291
- Funds due
- $28,818
- Interest + MI left
- $204,239
- First ends
- May 2043
New loan
New conventional
$1,371/mo
+$752/mo- Down payment
- $19,291
- Funds due
- $25,583
- Interest + MI left
- $248,177
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $53,709 | $53,709 | $163,709 |
| Second mortgage | — | $110,000 | — |
| First P&I | $358.27 | $358.27 | $1,133.49 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $56.30 | $56.30 | $32.74 |
| Taxes, insurance & HOA | $204.58 | $204.58 | $204.58 |
| Total housing payment | $619.16 | $1,426.30 | $1,370.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,291
Closing costs & prepaids$9,527
Usable credit−$0
Total buyer cash needed$28,818
Earnest money paid−$0
Remaining funds due$28,818
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,830.00
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)$163.75
Prepaid interest, first (2 days)$10.39
Prepaid interest, second (2 days)$48.22
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing16 yr 6 moOf the original 30-year loan at 3.530%
Interest already paid$32,261Through Nov 2026
Assumption only · ends May 2043$23,669
Assumption + second · ends May 2043, second Dec 2056$204,239
New conventional · ends Dec 2056$248,177