Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$738/mo
Lowest payment- Down payment
- $191,932
- Funds due
- $200,978
- Interest + MI left
- $25,663
- First ends
- Aug 2041
Assumption
Assumption + second
$1,963/mo
+$1,225/mo- Down payment
- $24,932
- Funds due
- $35,301
- Interest + MI left
- $299,803
- First ends
- Aug 2041
New loan
New conventional
$1,837/mo
+$1,099/mo- Down payment
- $24,932
- Funds due
- $32,004
- Interest + MI left
- $333,704
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $53,068 | $53,068 | $220,068 |
| Second mortgage | — | $167,000 | — |
| First P&I | $411.06 | $411.06 | $1,523.71 |
| Second P&I | — | $1,225.39 | — |
| Mortgage insurance | $57.40 | $57.40 | $44.01 |
| Taxes, insurance & HOA | $269.08 | $269.08 | $269.08 |
| Total housing payment | $737.54 | $1,962.93 | $1,836.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,932
Closing costs & prepaids$10,369
Usable credit−$0
Total buyer cash needed$35,301
Earnest money paid−$0
Remaining funds due$35,301
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,450.00
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)$357.25
Prepaid interest, first (2 days)$13.11
Prepaid interest, second (2 days)$73.21
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 closing14 yr 9 moOf the original 30-year loan at 4.510%
Interest already paid$47,259Through Nov 2026
Assumption only · ends Aug 2041$25,663
Assumption + second · ends Aug 2041, second Dec 2056$299,803
New conventional · ends Dec 2056$333,704