Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,829/mo
Lowest payment- Down payment
- $221,637
- Funds due
- $233,197
- Interest + MI left
- $49,246
- First ends
- Mar 2040
Assumption
Assumption + second
$3,216/mo
+$1,387/mo- Down payment
- $32,637
- Funds due
- $45,654
- Interest + MI left
- $359,500
- First ends
- Mar 2040
New loan
New conventional
$2,860/mo
+$1,031/mo- Down payment
- $32,637
- Funds due
- $42,287
- Interest + MI left
- $427,483
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $103,363 | $103,363 | $292,363 |
| Second mortgage | — | $189,000 | — |
| First P&I | $890.33 | $890.33 | $1,980.57 |
| Second P&I | — | $1,386.82 | — |
| Mortgage insurance | $117.48 | $117.48 | $58.47 |
| Taxes, insurance & HOA | $821.25 | $821.25 | $821.25 |
| Total housing payment | $1,829.06 | $3,215.87 | $2,860.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,637
Closing costs & prepaids$13,017
Usable credit−$0
Total buyer cash needed$45,654
Earnest money paid−$0
Remaining funds due$45,654
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$828.75
Initial HOA (3 months)$1,185.00
Prepaid interest, first (5 days)$70.80
Prepaid interest, second (5 days)$207.12
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 closing13 yr 3 moOf the original 30-year loan at 5%
Interest already paid$116,467Through Dec 2026
Assumption only · ends Mar 2040$49,246
Assumption + second · ends Mar 2040, second Jan 2057$359,500
New conventional · ends Jan 2057$427,483