Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,388/mo
Lowest payment- Down payment
- $161,403
- Funds due
- $171,840
- Interest + MI left
- $36,225
- First ends
- Mar 2043
Assumption
Assumption + second
$2,386/mo
+$998/mo- Down payment
- $25,403
- Funds due
- $37,239
- Interest + MI left
- $259,476
- First ends
- Mar 2043
New loan
New conventional
$2,274/mo
+$886/mo- Down payment
- $25,403
- Funds due
- $33,967
- Interest + MI left
- $328,353
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $88,597 | $88,597 | $224,597 |
| Second mortgage | — | $136,000 | — |
| First P&I | $585.43 | $585.43 | $1,521.50 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | $95.28 | $95.28 | $44.92 |
| Taxes, insurance & HOA | $707.50 | $707.50 | $707.50 |
| Total housing payment | $1,388.21 | $2,386.13 | $2,273.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,403
Closing costs & prepaids$11,836
Usable credit−$0
Total buyer cash needed$37,239
Earnest money paid−$0
Remaining funds due$37,239
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$637.50
Initial HOA (3 months)$1,035.00
Prepaid interest, first (5 days)$39.44
Prepaid interest, second (5 days)$149.04
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 3 moOf the original 30-year loan at 3.25%
Interest already paid$50,675Through Dec 2026
Assumption only · ends Mar 2043$36,225
Assumption + second · ends Mar 2043, second Jan 2057$259,476
New conventional · ends Jan 2057$328,353