Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,317/mo
Lowest payment- Down payment
- $171,930
- Funds due
- $182,162
- Interest + MI left
- $36,090
- First ends
- May 2041
Assumption
Assumption + second
$2,395/mo
+$1,079/mo- Down payment
- $24,930
- Funds due
- $36,573
- Interest + MI left
- $277,398
- First ends
- May 2041
New loan
New conventional
$2,188/mo
+$871/mo- Down payment
- $24,930
- Funds due
- $33,282
- Interest + MI left
- $321,735
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $73,070 | $73,070 | $220,070 |
| Second mortgage | — | $147,000 | — |
| First P&I | $584.17 | $584.17 | $1,490.83 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | $79.32 | $79.32 | $44.01 |
| Taxes, insurance & HOA | $653.25 | $653.25 | $653.25 |
| Total housing payment | $1,316.75 | $2,395.38 | $2,188.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,930
Closing costs & prepaids$11,643
Usable credit−$0
Total buyer cash needed$36,573
Earnest money paid−$0
Remaining funds due$36,573
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)$885.00
Prepaid interest, first (5 days)$47.55
Prepaid interest, second (5 days)$161.10
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 closing14 yr 5 moOf the original 30-year loan at 4.75%
Interest already paid$70,325Through Dec 2026
Assumption only · ends May 2041$36,090
Assumption + second · ends May 2041, second Jan 2057$277,398
New conventional · ends Jan 2057$321,735