Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$935/mo
Lowest payment- Down payment
- $191,796
- Funds due
- $201,207
- Interest + MI left
- $36,667
- First ends
- May 2043
Assumption
Assumption + second
$2,139/mo
+$1,203/mo- Down payment
- $27,796
- Funds due
- $38,493
- Interest + MI left
- $305,881
- First ends
- May 2043
New loan
New conventional
$2,054/mo
+$1,119/mo- Down payment
- $27,796
- Funds due
- $35,172
- Interest + MI left
- $374,852
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $83,204 | $83,204 | $247,204 |
| Second mortgage | — | $164,000 | — |
| First P&I | $555.02 | $555.02 | $1,711.59 |
| Second P&I | — | $1,203.37 | — |
| Mortgage insurance | $87.22 | $87.22 | $49.44 |
| Taxes, insurance & HOA | $292.92 | $292.92 | $292.92 |
| Total housing payment | $935.16 | $2,138.53 | $2,053.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,796
Closing costs & prepaids$10,698
Usable credit−$0
Total buyer cash needed$38,493
Earnest money paid−$0
Remaining funds due$38,493
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$428.75
Prepaid interest, first (1 days)$8.05
Prepaid interest, second (1 days)$35.95
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 6 moOf the original 30-year loan at 3.530%
Interest already paid$49,977Through Nov 2026
Assumption only · ends May 2043$36,667
Assumption + second · ends May 2043, second Dec 2056$305,881
New conventional · ends Dec 2056$374,852