Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,567/mo
Lowest payment- Down payment
- $168,593
- Funds due
- $180,608
- Interest + MI left
- $72,664
- First ends
- Apr 2041
Assumption
Assumption + second
$3,498/mo
+$932/mo- Down payment
- $41,593
- Funds due
- $55,052
- Interest + MI left
- $281,142
- First ends
- Apr 2041
New loan
New conventional
$3,236/mo
+$670/mo- Down payment
- $41,593
- Funds due
- $51,760
- Interest + MI left
- $538,672
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $241,407 | $241,407 | $368,407 |
| Second mortgage | — | $127,000 | — |
| First P&I | $1,728.58 | $1,728.58 | $2,495.72 |
| Second P&I | — | $931.88 | — |
| Mortgage insurance | $171.00 | $171.00 | $73.68 |
| Taxes, insurance & HOA | $667.00 | $667.00 | $667.00 |
| Total housing payment | $2,566.57 | $3,498.45 | $3,236.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,593
Closing costs & prepaids$13,460
Usable credit−$0
Total buyer cash needed$55,052
Earnest money paid−$0
Remaining funds due$55,052
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$492.00
Initial HOA (3 months)$1,059.00
Prepaid interest, first (7 days)$138.89
Prepaid interest, second (7 days)$194.85
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 closing14 yr 4 moOf the original 30-year loan at 3%
Interest already paid$156,380Through Dec 2026
Assumption only · ends Apr 2041$72,664
Assumption + second · ends Apr 2041, second Jan 2057$281,142
New conventional · ends Jan 2057$538,672