Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,236/mo
Lowest payment- Down payment
- $194,137
- Funds due
- $205,387
- Interest + MI left
- $116,509
- First ends
- Sep 2042
Assumption
Assumption + second
$3,344/mo
+$1,108/mo- Down payment
- $43,137
- Funds due
- $55,935
- Interest + MI left
- $364,384
- First ends
- Sep 2042
New loan
New conventional
$2,983/mo
+$747/mo- Down payment
- $43,137
- Funds due
- $52,567
- Interest + MI left
- $558,270
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $230,863 | $230,863 | $381,863 |
| Second mortgage | — | $151,000 | — |
| First P&I | $1,725.17 | $1,725.17 | $2,586.87 |
| Second P&I | — | $1,107.98 | — |
| Mortgage insurance | $190.71 | $190.71 | $76.37 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $2,235.88 | $3,343.86 | $2,983.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,137
Closing costs & prepaids$12,798
Usable credit−$0
Total buyer cash needed$55,935
Earnest money paid−$0
Remaining funds due$55,935
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Prepaid interest, first (9 days)$264.70
Prepaid interest, second (9 days)$297.86
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 closing15 yr 9 moOf the original 20-year loan at 4.65%
Interest already paid$49,614Through Dec 2026
Assumption only · ends Sep 2042$116,509
Assumption + second · ends Sep 2042, second Jan 2057$364,384
New conventional · ends Jan 2057$558,270