Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,072/mo
Lowest payment- Down payment
- $163,417
- Funds due
- $173,199
- Interest + MI left
- $27,619
- First ends
- Feb 2043
Assumption
Assumption + second
$2,100/mo
+$1,027/mo- Down payment
- $23,417
- Funds due
- $34,633
- Interest + MI left
- $257,436
- First ends
- Feb 2043
New loan
New conventional
$1,997/mo
+$925/mo- Down payment
- $23,417
- Funds due
- $31,372
- Interest + MI left
- $301,871
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $66,483 | $66,483 | $206,483 |
| Second mortgage | — | $140,000 | — |
| First P&I | $443.97 | $443.97 | $1,398.79 |
| Second P&I | — | $1,027.27 | — |
| Mortgage insurance | $71.45 | $71.45 | $41.30 |
| Taxes, insurance & HOA | $557.00 | $557.00 | $557.00 |
| Total housing payment | $1,072.41 | $2,099.68 | $1,997.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,417
Closing costs & prepaids$11,216
Usable credit−$0
Total buyer cash needed$34,633
Earnest money paid−$0
Remaining funds due$34,633
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,299.00
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)$276.00
Initial HOA (3 months)$945.00
Prepaid interest, first (6 days)$36.50
Prepaid interest, second (6 days)$184.11
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$39,317Through Dec 2026
Assumption only · ends Feb 2043$27,619
Assumption + second · ends Feb 2043, second Jan 2057$257,436
New conventional · ends Jan 2057$301,871