Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$247/mo
Lowest payment- Down payment
- $144,418
- Funds due
- $152,300
- Interest + MI left
- $2,479
- First ends
- Dec 2042
Assumption
Assumption + second
$1,193/mo
+$947/mo- Down payment
- $15,418
- Funds due
- $24,579
- Interest + MI left
- $214,240
- First ends
- Dec 2042
New loan
New conventional
$1,161/mo
+$914/mo- Down payment
- $15,418
- Funds due
- $21,373
- Interest + MI left
- $204,049
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $5,582 | $5,582 | $134,582 |
| Second mortgage | — | $129,000 | — |
| First P&I | $38.34 | $38.34 | $931.82 |
| Second P&I | — | $946.56 | — |
| Mortgage insurance | $5.92 | $5.92 | $26.92 |
| Taxes, insurance & HOA | $202.33 | $202.33 | $202.33 |
| Total housing payment | $246.59 | $1,193.15 | $1,161.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,418
Closing costs & prepaids$9,161
Usable credit−$0
Total buyer cash needed$24,579
Earnest money paid−$0
Remaining funds due$24,579
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,500.00
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)$157.00
Prepaid interest, first (1 days)$0.56
Prepaid interest, second (1 days)$28.27
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 1 moOf the original 30-year loan at 3.670%
Interest already paid$3,625Through Nov 2026
Assumption only · ends Dec 2042$2,479
Assumption + second · ends Dec 2042, second Dec 2056$214,240
New conventional · ends Dec 2056$204,049