Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,281/mo
Lowest payment- Down payment
- $175,932
- Funds due
- $186,435
- Interest + MI left
- $30,837
- First ends
- Jul 2043
Assumption
Assumption + second
$2,389/mo
+$1,108/mo- Down payment
- $24,932
- Funds due
- $36,851
- Interest + MI left
- $278,711
- First ends
- Jul 2043
New loan
New conventional
$2,283/mo
+$1,002/mo- Down payment
- $24,932
- Funds due
- $33,569
- Interest + MI left
- $321,732
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $69,068 | $69,068 | $220,068 |
| Second mortgage | — | $151,000 | — |
| First P&I | $460.39 | $460.39 | $1,490.82 |
| Second P&I | — | $1,107.98 | — |
| Mortgage insurance | $72.00 | $72.00 | $44.01 |
| Taxes, insurance & HOA | $748.25 | $748.25 | $748.25 |
| Total housing payment | $1,280.64 | $2,388.62 | $2,283.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,932
Closing costs & prepaids$11,919
Usable credit−$0
Total buyer cash needed$36,851
Earnest money paid−$0
Remaining funds due$36,851
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,450.00
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)$624.75
Initial HOA (3 months)$1,170.00
Prepaid interest, first (5 days)$33.78
Prepaid interest, second (5 days)$165.48
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 7 moOf the original 30-year loan at 3.57%
Interest already paid$41,551Through Dec 2026
Assumption only · ends Jul 2043$30,837
Assumption + second · ends Jul 2043, second Jan 2057$278,711
New conventional · ends Jan 2057$321,732