Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,180/mo
Lowest payment- Down payment
- $232,808
- Funds due
- $243,407
- Interest + MI left
- $34,145
- First ends
- Feb 2043
Assumption
Assumption + second
$2,620/mo
+$1,440/mo- Down payment
- $31,808
- Funds due
- $43,913
- Interest + MI left
- $351,541
- First ends
- Feb 2043
New loan
New conventional
$2,518/mo
+$1,338/mo- Down payment
- $31,808
- Funds due
- $40,578
- Interest + MI left
- $414,074
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $82,192 | $82,192 | $283,192 |
| Second mortgage | — | $201,000 | — |
| First P&I | $548.88 | $548.88 | $1,918.44 |
| Second P&I | — | $1,439.99 | — |
| Mortgage insurance | $88.33 | $88.33 | $56.64 |
| Taxes, insurance & HOA | $543.00 | $543.00 | $543.00 |
| Total housing payment | $1,180.20 | $2,620.19 | $2,518.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,808
Closing costs & prepaids$12,105
Usable credit−$0
Total buyer cash needed$43,913
Earnest money paid−$0
Remaining funds due$43,913
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$378.00
Initial HOA (3 months)$801.00
Prepaid interest, first (6 days)$45.13
Prepaid interest, second (6 days)$256.07
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 3.34%
Interest already paid$48,607Through Dec 2026
Assumption only · ends Feb 2043$34,145
Assumption + second · ends Feb 2043, second Jan 2057$351,541
New conventional · ends Jan 2057$414,074