Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$841/mo
Lowest payment- Down payment
- $200,280
- Funds due
- $209,572
- Interest + MI left
- $48,200
- First ends
- Sep 2045
Assumption
Assumption + second
$2,096/mo
+$1,255/mo- Down payment
- $29,280
- Funds due
- $39,897
- Interest + MI left
- $328,905
- First ends
- Sep 2045
New loan
New conventional
$2,049/mo
+$1,208/mo- Down payment
- $29,280
- Funds due
- $36,565
- Interest + MI left
- $392,315
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $87,720 | $87,720 | $258,720 |
| Second mortgage | — | $171,000 | — |
| First P&I | $553.14 | $553.14 | $1,791.33 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | $82.07 | $82.07 | $51.74 |
| Taxes, insurance & HOA | $206.00 | $206.00 | $206.00 |
| Total housing payment | $841.21 | $2,095.95 | $2,049.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,280
Closing costs & prepaids$10,617
Usable credit−$0
Total buyer cash needed$39,897
Earnest money paid−$0
Remaining funds due$39,897
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,880.00
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)$168.00
Prepaid interest, first (2 days)$19.23
Prepaid interest, second (2 days)$74.96
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 10 moOf the original 30-year loan at 4.000%
Interest already paid$45,979Through Nov 2026
Assumption only · ends Sep 2045$48,200
Assumption + second · ends Sep 2045, second Dec 2056$328,905
New conventional · ends Dec 2056$392,315