Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,774/mo
Lowest payment- Down payment
- $210,953
- Funds due
- $222,144
- Interest + MI left
- $86,357
- First ends
- Nov 2044
Assumption
Assumption + second
$3,043/mo
+$1,269/mo- Down payment
- $37,953
- Funds due
- $50,432
- Interest + MI left
- $370,346
- First ends
- Nov 2044
New loan
New conventional
$2,950/mo
+$1,176/mo- Down payment
- $37,953
- Funds due
- $47,015
- Interest + MI left
- $510,935
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $163,947 | $163,947 | $336,947 |
| Second mortgage | — | $173,000 | — |
| First P&I | $1,065.98 | $1,065.98 | $2,332.95 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | $158.16 | $158.16 | $67.39 |
| Taxes, insurance & HOA | $549.67 | $549.67 | $549.67 |
| Total housing payment | $1,773.80 | $3,043.21 | $2,950.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,953
Closing costs & prepaids$12,479
Usable credit−$0
Total buyer cash needed$50,432
Earnest money paid−$0
Remaining funds due$50,432
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,749.00
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)$1,199.00
Prepaid interest, first (1 days)$17.97
Prepaid interest, second (1 days)$37.92
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 closing18 yrOf the original 30-year loan at 4.000%
Interest already paid$94,166Through Nov 2026
Assumption only · ends Nov 2044$86,357
Assumption + second · ends Nov 2044, second Dec 2056$370,346
New conventional · ends Dec 2056$510,935