Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,457/mo
Lowest payment- Down payment
- $201,394
- Funds due
- $212,629
- Interest + MI left
- $50,127
- First ends
- Feb 2047
Assumption
Assumption + second
$2,712/mo
+$1,255/mo- Down payment
- $30,394
- Funds due
- $43,067
- Interest + MI left
- $330,832
- First ends
- Feb 2047
New loan
New conventional
$2,685/mo
+$1,228/mo- Down payment
- $30,394
- Funds due
- $39,745
- Interest + MI left
- $394,209
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $98,606 | $98,606 | $269,606 |
| Second mortgage | — | $171,000 | — |
| First P&I | $562.29 | $562.29 | $1,826.40 |
| Second P&I | — | $1,254.74 | — |
| Mortgage insurance | $90.09 | $90.09 | $53.92 |
| Taxes, insurance & HOA | $805.00 | $805.00 | $805.00 |
| Total housing payment | $1,457.38 | $2,712.12 | $2,685.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,394
Closing costs & prepaids$12,673
Usable credit−$0
Total buyer cash needed$43,067
Earnest money paid−$0
Remaining funds due$43,067
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$765.00
Initial HOA (3 months)$1,200.00
Prepaid interest, first (5 days)$45.59
Prepaid interest, second (5 days)$187.40
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 closing20 yr 2 moOf the original 30-year loan at 3.375%
Interest already paid$37,769Through Dec 2026
Assumption only · ends Feb 2047$50,127
Assumption + second · ends Feb 2047, second Jan 2057$330,832
New conventional · ends Jan 2057$394,209