Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,000/mo
Lowest payment- Down payment
- $205,366
- Funds due
- $215,028
- Interest + MI left
- $51,735
- First ends
- Dec 2044
Assumption
Assumption + second
$2,284/mo
+$1,284/mo- Down payment
- $30,366
- Funds due
- $41,354
- Interest + MI left
- $339,006
- First ends
- Dec 2044
New loan
New conventional
$2,209/mo
+$1,209/mo- Down payment
- $30,366
- Funds due
- $38,012
- Interest + MI left
- $408,864
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $94,634 | $94,634 | $269,634 |
| Second mortgage | — | $175,000 | — |
| First P&I | $621.23 | $621.23 | $1,866.89 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | $90.42 | $90.42 | $53.93 |
| Taxes, insurance & HOA | $288.33 | $288.33 | $288.33 |
| Total housing payment | $999.98 | $2,284.07 | $2,209.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,366
Closing costs & prepaids$10,988
Usable credit−$0
Total buyer cash needed$41,354
Earnest money paid−$0
Remaining funds due$41,354
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$415.00
Prepaid interest, first (2 days)$21.57
Prepaid interest, second (2 days)$76.71
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 closing18 yr 1 moOf the original 30-year loan at 4.160%
Interest already paid$55,825Through Nov 2026
Assumption only · ends Dec 2044$51,735
Assumption + second · ends Dec 2044, second Dec 2056$339,006
New conventional · ends Dec 2056$408,864