Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$943/mo
Lowest payment- Down payment
- $126,637
- Funds due
- $135,899
- Interest + MI left
- $21,453
- First ends
- Jun 2043
Assumption
Assumption + second
$1,743/mo
+$800/mo- Down payment
- $17,637
- Funds due
- $28,293
- Interest + MI left
- $200,383
- First ends
- Jun 2043
New loan
New conventional
$1,667/mo
+$723/mo- Down payment
- $17,637
- Funds due
- $25,080
- Interest + MI left
- $229,945
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $48,263 | $48,263 | $157,263 |
| Second mortgage | — | $109,000 | — |
| First P&I | $322.90 | $322.90 | $1,065.35 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | $50.49 | $50.49 | $31.45 |
| Taxes, insurance & HOA | $570.00 | $570.00 | $570.00 |
| Total housing payment | $943.40 | $1,743.20 | $1,666.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,637
Closing costs & prepaids$10,656
Usable credit−$0
Total buyer cash needed$28,293
Earnest money paid−$0
Remaining funds due$28,293
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,749.00
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)$210.00
Initial HOA (3 months)$1,050.00
Prepaid interest, first (6 days)$28.32
Prepaid interest, second (6 days)$143.34
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 6 moOf the original 30-year loan at 3.57%
Interest already paid$29,286Through Dec 2026
Assumption only · ends Jun 2043$21,453
Assumption + second · ends Jun 2043, second Jan 2057$200,383
New conventional · ends Jan 2057$229,945