Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,337/mo
Lowest payment- Down payment
- $170,277
- Funds due
- $180,754
- Interest + MI left
- $34,577
- First ends
- May 2043
Assumption
Assumption + second
$2,401/mo
+$1,064/mo- Down payment
- $25,277
- Funds due
- $37,195
- Interest + MI left
- $272,602
- First ends
- May 2043
New loan
New conventional
$2,290/mo
+$953/mo- Down payment
- $25,277
- Funds due
- $33,922
- Interest + MI left
- $330,044
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $80,723 | $80,723 | $225,723 |
| Second mortgage | — | $145,000 | — |
| First P&I | $536.07 | $536.07 | $1,529.13 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | $85.41 | $85.41 | $45.14 |
| Taxes, insurance & HOA | $715.42 | $715.42 | $715.42 |
| Total housing payment | $1,336.89 | $2,400.85 | $2,289.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,277
Closing costs & prepaids$11,917
Usable credit−$0
Total buyer cash needed$37,195
Earnest money paid−$0
Remaining funds due$37,195
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,510.00
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)$301.25
Initial HOA (3 months)$1,395.00
Prepaid interest, first (6 days)$45.38
Prepaid interest, second (6 days)$190.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 5 moOf the original 30-year loan at 3.42%
Interest already paid$47,526Through Dec 2026
Assumption only · ends May 2043$34,577
Assumption + second · ends May 2043, second Jan 2057$272,602
New conventional · ends Jan 2057$330,044