Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$593/mo
Lowest payment- Down payment
- $210,979
- Funds due
- $220,085
- Interest + MI left
- $18,143
- First ends
- Oct 2042
Assumption
Assumption + second
$1,951/mo
+$1,357/mo- Down payment
- $25,979
- Funds due
- $36,700
- Interest + MI left
- $321,831
- First ends
- Oct 2042
New loan
New conventional
$1,842/mo
+$1,249/mo- Down payment
- $25,979
- Funds due
- $33,393
- Interest + MI left
- $333,359
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $43,021 | $43,021 | $228,021 |
| Second mortgage | — | $185,000 | — |
| First P&I | $295.04 | $295.04 | $1,544.69 |
| Second P&I | — | $1,357.46 | — |
| Mortgage insurance | $46.60 | $46.60 | $45.60 |
| Taxes, insurance & HOA | $251.58 | $251.58 | $251.58 |
| Total housing payment | $593.22 | $1,950.69 | $1,841.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,979
Closing costs & prepaids$10,722
Usable credit−$0
Total buyer cash needed$36,700
Earnest money paid−$0
Remaining funds due$36,700
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,540.00
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)$304.75
Prepaid interest, first (9 days)$37.02
Prepaid interest, second (9 days)$364.93
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 10 moOf the original 30-year loan at 3.49%
Interest already paid$27,392Through Dec 2026
Assumption only · ends Oct 2042$18,143
Assumption + second · ends Oct 2042, second Jan 2057$321,831
New conventional · ends Jan 2057$333,359