Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,455/mo
Lowest payment- Down payment
- $207,961
- Funds due
- $218,798
- Interest + MI left
- $61,152
- First ends
- Jun 2044
Assumption
Assumption + second
$2,746/mo
+$1,291/mo- Down payment
- $31,961
- Funds due
- $44,318
- Interest + MI left
- $350,066
- First ends
- Jun 2044
New loan
New conventional
$2,591/mo
+$1,136/mo- Down payment
- $31,961
- Funds due
- $40,979
- Interest + MI left
- $418,236
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $110,039 | $110,039 | $286,039 |
| Second mortgage | — | $176,000 | — |
| First P&I | $752.28 | $752.28 | $1,937.73 |
| Second P&I | — | $1,291.43 | — |
| Mortgage insurance | $106.41 | $106.41 | $57.21 |
| Taxes, insurance & HOA | $596.17 | $596.17 | $596.17 |
| Total housing payment | $1,454.86 | $2,746.29 | $2,591.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,961
Closing costs & prepaids$12,356
Usable credit−$0
Total buyer cash needed$44,318
Earnest money paid−$0
Remaining funds due$44,318
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,180.00
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)$381.50
Initial HOA (3 months)$957.00
Prepaid interest, first (7 days)$92.85
Prepaid interest, second (7 days)$270.03
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 6 moOf the original 30-year loan at 4.4%
Interest already paid$72,653Through Dec 2026
Assumption only · ends Jun 2044$61,152
Assumption + second · ends Jun 2044, second Jan 2057$350,066
New conventional · ends Jan 2057$418,236