Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,184/mo
Lowest payment- Down payment
- $213,708
- Funds due
- $224,046
- Interest + MI left
- $34,200
- First ends
- Aug 2042
Assumption
Assumption + second
$2,534/mo
+$1,350/mo- Down payment
- $29,708
- Funds due
- $41,337
- Interest + MI left
- $336,246
- First ends
- Aug 2042
New loan
New conventional
$2,425/mo
+$1,241/mo- Down payment
- $29,708
- Funds due
- $37,995
- Interest + MI left
- $402,333
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $81,292 | $81,292 | $265,292 |
| Second mortgage | — | $184,000 | — |
| First P&I | $560.12 | $560.12 | $1,836.83 |
| Second P&I | — | $1,350.13 | — |
| Mortgage insurance | $88.35 | $88.35 | $53.06 |
| Taxes, insurance & HOA | $535.17 | $535.17 | $535.17 |
| Total housing payment | $1,183.64 | $2,533.76 | $2,425.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,708
Closing costs & prepaids$11,629
Usable credit−$0
Total buyer cash needed$41,337
Earnest money paid−$0
Remaining funds due$41,337
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$1,155.50
Prepaid interest, first (1 days)$7.80
Prepaid interest, second (1 days)$40.33
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing15 yr 9 moOf the original 30-year loan at 3.500%
Interest already paid$52,337Through Nov 2026
Assumption only · ends Aug 2042$34,200
Assumption + second · ends Aug 2042, second Dec 2056$336,246
New conventional · ends Dec 2056$402,333