Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$531/mo
Lowest payment- Down payment
- $162,750
- Funds due
- $171,218
- Interest + MI left
- $25,412
- First ends
- Oct 2045
Assumption
Assumption + second
$1,566/mo
+$1,035/mo- Down payment
- $21,750
- Funds due
- $31,530
- Interest + MI left
- $256,871
- First ends
- Oct 2045
New loan
New conventional
$1,531/mo
+$1,000/mo- Down payment
- $21,750
- Funds due
- $28,266
- Interest + MI left
- $283,902
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $46,250 | $46,250 | $187,250 |
| Second mortgage | — | $141,000 | — |
| First P&I | $290.30 | $290.30 | $1,296.48 |
| Second P&I | — | $1,034.61 | — |
| Mortgage insurance | $43.18 | $43.18 | $37.45 |
| Taxes, insurance & HOA | $197.50 | $197.50 | $197.50 |
| Total housing payment | $530.97 | $1,565.58 | $1,531.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,750
Closing costs & prepaids$9,779
Usable credit−$0
Total buyer cash needed$31,530
Earnest money paid−$0
Remaining funds due$31,530
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,090.00
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)$142.50
Prepaid interest, first (2 days)$10.09
Prepaid interest, second (2 days)$61.81
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 closing18 yr 11 moOf the original 30-year loan at 3.980%
Interest already paid$23,906Through Nov 2026
Assumption only · ends Oct 2045$25,412
Assumption + second · ends Oct 2045, second Dec 2056$256,871
New conventional · ends Dec 2056$283,902