Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,598/mo
+$151/mo- Down payment
- $67,991
- Funds due
- $78,251
- Interest + MI left
- $181,342
- First ends
- Sep 2043
Assumption
Assumption + second
$2,887/mo
+$441/mo- Down payment
- $31,991
- Funds due
- $43,510
- Interest + MI left
- $249,621
- First ends
- Sep 2043
New loan
New conventional
$2,446/mo
Lowest payment- Down payment
- $31,991
- Funds due
- $40,144
- Interest + MI left
- $429,146
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,009 | $247,009 | $283,009 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,043.82 | $2,043.82 | $1,959.50 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $123.58 | $123.58 | $56.60 |
| Taxes, insurance & HOA | $430.17 | $430.17 | $430.17 |
| Total housing payment | $2,597.57 | $2,887.23 | $2,446.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,991
Closing costs & prepaids$11,520
Usable credit−$0
Total buyer cash needed$43,510
Earnest money paid−$0
Remaining funds due$43,510
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$840.50
Prepaid interest, first (1 days)$45.41
Prepaid interest, second (1 days)$8.88
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 20-year loan at 6.710%
Interest already paid$55,037Through Nov 2026
Assumption only · ends Sep 2043$181,342
Assumption + second · ends Sep 2043, second Dec 2056$249,621
New conventional · ends Dec 2056$429,146