Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,943/mo
Lowest payment- Down payment
- $196,142
- Funds due
- $206,904
- Interest + MI left
- $23,934
- First ends
- Oct 2036
Assumption
Assumption + second
$3,139/mo
+$1,196/mo- Down payment
- $33,142
- Funds due
- $45,368
- Interest + MI left
- $291,508
- First ends
- Oct 2036
New loan
New conventional
$2,617/mo
+$674/mo- Down payment
- $33,142
- Funds due
- $42,076
- Interest + MI left
- $433,909
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $133,758 | $133,758 | $296,758 |
| Second mortgage | — | $163,000 | — |
| First P&I | $1,258.60 | $1,258.60 | $2,010.34 |
| Second P&I | — | $1,196.04 | — |
| Mortgage insurance | $137.06 | $137.06 | $59.35 |
| Taxes, insurance & HOA | $547.00 | $547.00 | $547.00 |
| Total housing payment | $1,942.66 | $3,138.70 | $2,616.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,142
Closing costs & prepaids$12,227
Usable credit−$0
Total buyer cash needed$45,368
Earnest money paid−$0
Remaining funds due$45,368
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$396.00
Initial HOA (3 months)$795.00
Prepaid interest, first (6 days)$47.27
Prepaid interest, second (6 days)$214.36
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 closing9 yr 10 moOf the original 15-year loan at 2.15%
Interest already paid$18,291Through Dec 2026
Assumption only · ends Oct 2036$23,934
Assumption + second · ends Oct 2036, second Jan 2057$291,508
New conventional · ends Jan 2057$433,909