Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,464/mo
Lowest payment- Down payment
- $156,265
- Funds due
- $166,724
- Interest + MI left
- $43,321
- First ends
- May 2043
Assumption
Assumption + second
$2,418/mo
+$954/mo- Down payment
- $26,265
- Funds due
- $38,088
- Interest + MI left
- $256,722
- First ends
- May 2043
New loan
New conventional
$2,283/mo
+$819/mo- Down payment
- $26,265
- Funds due
- $34,802
- Interest + MI left
- $330,463
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $98,735 | $98,735 | $228,735 |
| Second mortgage | — | $130,000 | — |
| First P&I | $661.08 | $661.08 | $1,538.71 |
| Second P&I | — | $953.89 | — |
| Mortgage insurance | $103.89 | $103.89 | $45.75 |
| Taxes, insurance & HOA | $698.75 | $698.75 | $698.75 |
| Total housing payment | $1,463.72 | $2,417.62 | $2,283.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,265
Closing costs & prepaids$11,823
Usable credit−$0
Total buyer cash needed$38,088
Earnest money paid−$0
Remaining funds due$38,088
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,550.00
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)$650.25
Initial HOA (3 months)$996.00
Prepaid interest, first (4 days)$38.20
Prepaid interest, second (4 days)$113.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 5 moOf the original 30-year loan at 3.53%
Interest already paid$59,819Through Dec 2026
Assumption only · ends May 2043$43,321
Assumption + second · ends May 2043, second Jan 2057$256,722
New conventional · ends Jan 2057$330,463