Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,129/mo
Lowest payment- Down payment
- $160,625
- Funds due
- $170,555
- Interest + MI left
- $25,206
- First ends
- Oct 2041
Assumption
Assumption + second
$2,149/mo
+$1,020/mo- Down payment
- $21,625
- Funds due
- $32,957
- Interest + MI left
- $253,381
- First ends
- Oct 2041
New loan
New conventional
$2,006/mo
+$877/mo- Down payment
- $21,625
- Funds due
- $29,697
- Interest + MI left
- $282,746
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $54,375 | $54,375 | $193,375 |
| Second mortgage | — | $139,000 | — |
| First P&I | $412.34 | $412.34 | $1,309.99 |
| Second P&I | — | $1,019.93 | — |
| Mortgage insurance | $59.37 | $59.37 | $38.68 |
| Taxes, insurance & HOA | $657.75 | $657.75 | $657.75 |
| Total housing payment | $1,129.46 | $2,149.39 | $2,006.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,625
Closing costs & prepaids$11,332
Usable credit−$0
Total buyer cash needed$32,957
Earnest money paid−$0
Remaining funds due$32,957
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,150.00
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)$548.25
Initial HOA (3 months)$975.00
Prepaid interest, first (5 days)$31.66
Prepaid interest, second (5 days)$152.33
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 10 moOf the original 30-year loan at 4.25%
Interest already paid$45,602Through Dec 2026
Assumption only · ends Oct 2041$25,206
Assumption + second · ends Oct 2041, second Jan 2057$253,381
New conventional · ends Jan 2057$282,746