Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,573/mo
Lowest payment- Down payment
- $170,073
- Funds due
- $181,096
- Interest + MI left
- $44,685
- First ends
- Nov 2044
Assumption
Assumption + second
$2,608/mo
+$1,035/mo- Down payment
- $29,073
- Funds due
- $41,470
- Interest + MI left
- $276,143
- First ends
- Nov 2044
New loan
New conventional
$2,560/mo
+$987/mo- Down payment
- $29,073
- Funds due
- $38,168
- Interest + MI left
- $369,749
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $114,927 | $114,927 | $255,927 |
| Second mortgage | — | $141,000 | — |
| First P&I | $684.89 | $684.89 | $1,721.64 |
| Second P&I | — | $1,034.61 | — |
| Mortgage insurance | $100.79 | $100.79 | $51.19 |
| Taxes, insurance & HOA | $787.25 | $787.25 | $787.25 |
| Total housing payment | $1,572.93 | $2,607.54 | $2,560.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,073
Closing costs & prepaids$12,397
Usable credit−$0
Total buyer cash needed$41,470
Earnest money paid−$0
Remaining funds due$41,470
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$726.75
Initial HOA (3 months)$1,185.00
Prepaid interest, first (4 days)$36.27
Prepaid interest, second (4 days)$123.62
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 closing17 yr 11 moOf the original 24-year loan at 2.88%
Interest already paid$22,635Through Dec 2026
Assumption only · ends Nov 2044$44,685
Assumption + second · ends Nov 2044, second Jan 2057$276,143
New conventional · ends Jan 2057$369,749