Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,009/mo
Lowest payment- Down payment
- $209,227
- Funds due
- $219,098
- Interest + MI left
- $33,332
- First ends
- Feb 2043
Assumption
Assumption + second
$2,330/mo
+$1,321/mo- Down payment
- $29,227
- Funds due
- $40,585
- Interest + MI left
- $328,811
- First ends
- Feb 2043
New loan
New conventional
$2,203/mo
+$1,194/mo- Down payment
- $29,227
- Funds due
- $37,270
- Interest + MI left
- $381,293
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $80,773 | $80,773 | $260,773 |
| Second mortgage | — | $180,000 | — |
| First P&I | $538.20 | $538.20 | $1,766.57 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | $86.94 | $86.94 | $52.15 |
| Taxes, insurance & HOA | $384.00 | $384.00 | $384.00 |
| Total housing payment | $1,009.14 | $2,329.91 | $2,202.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,227
Closing costs & prepaids$11,358
Usable credit−$0
Total buyer cash needed$40,585
Earnest money paid−$0
Remaining funds due$40,585
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$348.00
Initial HOA (3 months)$354.00
Prepaid interest, first (6 days)$43.95
Prepaid interest, second (6 days)$236.71
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 2 moOf the original 30-year loan at 3.31%
Interest already paid$47,379Through Dec 2026
Assumption only · ends Feb 2043$33,332
Assumption + second · ends Feb 2043, second Jan 2057$328,811
New conventional · ends Jan 2057$381,293