Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,490/mo
Lowest payment- Down payment
- $200,462
- Funds due
- $211,039
- Interest + MI left
- $64,720
- First ends
- Sep 2043
Assumption
Assumption + second
$2,722/mo
+$1,233/mo- Down payment
- $32,462
- Funds due
- $44,326
- Interest + MI left
- $340,501
- First ends
- Sep 2043
New loan
New conventional
$2,577/mo
+$1,088/mo- Down payment
- $32,462
- Funds due
- $40,958
- Interest + MI left
- $435,862
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $119,438 | $119,438 | $287,438 |
| Second mortgage | — | $168,000 | — |
| First P&I | $841.80 | $841.80 | $1,990.16 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | $118.24 | $118.24 | $57.49 |
| Taxes, insurance & HOA | $529.50 | $529.50 | $529.50 |
| Total housing payment | $1,489.53 | $2,722.26 | $2,577.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,462
Closing costs & prepaids$11,864
Usable credit−$0
Total buyer cash needed$44,326
Earnest money paid−$0
Remaining funds due$44,326
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$1,138.50
Prepaid interest, first (1 days)$14.59
Prepaid interest, second (1 days)$36.82
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 closing16 yr 10 moOf the original 30-year loan at 4.460%
Interest already paid$85,522Through Nov 2026
Assumption only · ends Sep 2043$64,720
Assumption + second · ends Sep 2043, second Dec 2056$340,501
New conventional · ends Dec 2056$435,862