Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,143/mo
Lowest payment- Down payment
- $218,310
- Funds due
- $229,324
- Interest + MI left
- $117,530
- First ends
- Sep 2042
Assumption
Assumption + second
$3,412/mo
+$1,269/mo- Down payment
- $45,310
- Funds due
- $57,650
- Interest + MI left
- $401,519
- First ends
- Sep 2042
New loan
New conventional
$3,110/mo
+$967/mo- Down payment
- $45,310
- Funds due
- $54,176
- Interest + MI left
- $613,740
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $231,690 | $231,690 | $404,690 |
| Second mortgage | — | $173,000 | — |
| First P&I | $1,725.17 | $1,725.17 | $2,801.99 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | $190.71 | $190.71 | $80.94 |
| Taxes, insurance & HOA | $226.83 | $226.83 | $226.83 |
| Total housing payment | $2,142.71 | $3,412.12 | $3,109.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,310
Closing costs & prepaids$12,340
Usable credit−$0
Total buyer cash needed$57,650
Earnest money paid−$0
Remaining funds due$57,650
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$230.50
Prepaid interest, first (2 days)$59.03
Prepaid interest, second (2 days)$75.84
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 closing15 yr 10 moOf the original 20-year loan at 4.650%
Interest already paid$48,717Through Nov 2026
Assumption only · ends Sep 2042$117,530
Assumption + second · ends Sep 2042, second Dec 2056$401,519
New conventional · ends Dec 2056$613,740