Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$740/mo
Lowest payment- Down payment
- $167,317
- Funds due
- $176,231
- Interest + MI left
- $23,387
- First ends
- Dec 2042
Assumption
Assumption + second
$1,796/mo
+$1,057/mo- Down payment
- $23,317
- Funds due
- $33,544
- Interest + MI left
- $259,770
- First ends
- Dec 2042
New loan
New conventional
$1,730/mo
+$990/mo- Down payment
- $23,317
- Funds due
- $30,270
- Interest + MI left
- $305,785
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $57,683 | $57,683 | $201,683 |
| Second mortgage | — | $144,000 | — |
| First P&I | $384.16 | $384.16 | $1,396.41 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | $62.53 | $62.53 | $40.34 |
| Taxes, insurance & HOA | $293.00 | $293.00 | $293.00 |
| Total housing payment | $739.69 | $1,796.31 | $1,729.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,317
Closing costs & prepaids$10,227
Usable credit−$0
Total buyer cash needed$33,544
Earnest money paid−$0
Remaining funds due$33,544
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$429.00
Prepaid interest, first (2 days)$10.27
Prepaid interest, second (2 days)$63.12
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 1 moOf the original 30-year loan at 3.250%
Interest already paid$33,567Through Nov 2026
Assumption only · ends Dec 2042$23,387
Assumption + second · ends Dec 2042, second Dec 2056$259,770
New conventional · ends Dec 2056$305,785