Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,571/mo
Lowest payment- Down payment
- $132,991
- Funds due
- $142,863
- Interest + MI left
- $67,476
- First ends
- Feb 2044
Assumption
Assumption + second
$2,312/mo
+$741/mo- Down payment
- $31,991
- Funds due
- $43,313
- Interest + MI left
- $233,272
- First ends
- Feb 2044
New loan
New conventional
$2,250/mo
+$679/mo- Down payment
- $31,991
- Funds due
- $40,125
- Interest + MI left
- $413,749
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,009 | $182,009 | $283,009 |
| Second mortgage | — | $101,000 | — |
| First P&I | $1,101.53 | $1,101.53 | $1,917.20 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | $193.38 | $193.38 | $56.60 |
| Taxes, insurance & HOA | $276.00 | $276.00 | $276.00 |
| Total housing payment | $1,570.90 | $2,312.00 | $2,249.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,991
Closing costs & prepaids$11,322
Usable credit−$0
Total buyer cash needed$43,313
Earnest money paid−$0
Remaining funds due$43,313
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)$378.00
Prepaid interest, first (9 days)$119.38
Prepaid interest, second (9 days)$199.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2 moOf the original 30-year loan at 2.66%
Interest already paid$78,644Through Dec 2026
Assumption only · ends Feb 2044$67,476
Assumption + second · ends Feb 2044, second Jan 2057$233,272
New conventional · ends Jan 2057$413,749