Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$985/mo
Lowest payment- Down payment
- $224,838
- Funds due
- $234,649
- Interest + MI left
- $40,429
- First ends
- Jun 2043
Assumption
Assumption + second
$2,402/mo
+$1,416/mo- Down payment
- $31,838
- Funds due
- $42,984
- Interest + MI left
- $357,248
- First ends
- Jun 2043
New loan
New conventional
$2,307/mo
+$1,321/mo- Down payment
- $31,838
- Funds due
- $39,628
- Interest + MI left
- $429,378
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $90,162 | $90,162 | $283,162 |
| Second mortgage | — | $193,000 | — |
| First P&I | $601.91 | $601.91 | $1,960.56 |
| Second P&I | — | $1,416.17 | — |
| Mortgage insurance | $93.89 | $93.89 | $56.63 |
| Taxes, insurance & HOA | $289.58 | $289.58 | $289.58 |
| Total housing payment | $985.38 | $2,401.55 | $2,306.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,838
Closing costs & prepaids$11,146
Usable credit−$0
Total buyer cash needed$42,984
Earnest money paid−$0
Remaining funds due$42,984
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$418.75
Prepaid interest, first (2 days)$17.74
Prepaid interest, second (2 days)$84.60
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 7 moOf the original 30-year loan at 3.590%
Interest already paid$54,515Through Nov 2026
Assumption only · ends Jun 2043$40,429
Assumption + second · ends Jun 2043, second Dec 2056$357,248
New conventional · ends Dec 2056$429,378