Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$878/mo
Lowest payment- Down payment
- $225,730
- Funds due
- $235,416
- Interest + MI left
- $41,459
- First ends
- May 2044
Assumption
Assumption + second
$2,309/mo
+$1,431/mo- Down payment
- $30,730
- Funds due
- $41,751
- Interest + MI left
- $361,562
- First ends
- May 2044
New loan
New conventional
$2,216/mo
+$1,338/mo- Down payment
- $30,730
- Funds due
- $38,400
- Interest + MI left
- $408,161
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $74,170 | $74,170 | $269,170 |
| Second mortgage | — | $195,000 | — |
| First P&I | $508.23 | $508.23 | $1,863.68 |
| Second P&I | — | $1,430.84 | — |
| Mortgage insurance | $71.64 | $71.64 | $53.83 |
| Taxes, insurance & HOA | $298.08 | $298.08 | $298.08 |
| Total housing payment | $877.95 | $2,308.79 | $2,215.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,730
Closing costs & prepaids$11,022
Usable credit−$0
Total buyer cash needed$41,751
Earnest money paid−$0
Remaining funds due$41,751
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$444.25
Prepaid interest, first (2 days)$18.00
Prepaid interest, second (2 days)$85.48
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 closing17 yr 6 moOf the original 30-year loan at 4.430%
Interest already paid$49,271Through Nov 2026
Assumption only · ends May 2044$41,459
Assumption + second · ends May 2044, second Dec 2056$361,562
New conventional · ends Dec 2056$408,161