Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,721/mo
Lowest payment- Down payment
- $195,395
- Funds due
- $206,872
- Interest + MI left
- $52,909
- First ends
- Apr 2043
Assumption
Assumption + second
$2,932/mo
+$1,211/mo- Down payment
- $30,395
- Funds due
- $43,303
- Interest + MI left
- $323,765
- First ends
- Apr 2043
New loan
New conventional
$2,750/mo
+$1,029/mo- Down payment
- $30,395
- Funds due
- $39,970
- Interest + MI left
- $389,767
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $101,605 | $101,605 | $266,605 |
| Second mortgage | — | $165,000 | — |
| First P&I | $727.70 | $727.70 | $1,806.08 |
| Second P&I | — | $1,210.71 | — |
| Mortgage insurance | $102.93 | $102.93 | $53.32 |
| Taxes, insurance & HOA | $890.42 | $890.42 | $890.42 |
| Total housing payment | $1,721.05 | $2,931.76 | $2,749.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,395
Closing costs & prepaids$12,908
Usable credit−$0
Total buyer cash needed$43,303
Earnest money paid−$0
Remaining funds due$43,303
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,970.00
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)$757.25
Initial HOA (3 months)$1,464.00
Prepaid interest, first (5 days)$61.24
Prepaid interest, second (5 days)$180.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing16 yr 4 moOf the original 30-year loan at 4.4%
Interest already paid$75,629Through Dec 2026
Assumption only · ends Apr 2043$52,909
Assumption + second · ends Apr 2043, second Jan 2057$323,765
New conventional · ends Jan 2057$389,767